(KRON) — A well-funded Bay Area biotech startup will be cutting 100 jobs. South San Francisco-based Arsenal Biosciences, Inc. announced the layoffs in a Worker Adjustment & Retraining Notification notice on the Employment Development Department’s website.
The layoffs, which are all at the startup’s headquarters on Oyster Point Boulevard, were announced Wednesday and will take effect on Nov. 14. All the layoffs are permanent, state filings indicate.
According to its LinkedIn page, Arsenal Biosciences has between 201 and 500 employees. A report in biotech industry publication Fierce Biotech indicates the layoffs amount to 50% of the company’s staff. The layoffs come about a year after Arsenal Biosciences drew $325 million in series C funding.
According to its LinkedIn, Arsenal Biosciences is a “clinical stage programmable cell therapy company focused on the realization of solid tumor cell therapy to defeat cancer.”
A spokesperson for the startup told Fierce Biotech that it had “undergone a restructuring” to extend its “cash runway and position the organization for our next phase of development.”
The company new reportedly employs 127 people.
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