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LSBC Restructures, Co-Founder McGee to Leave

NEW YORK, June 16 - Large Scale Biology Corporation has implemented a restructuring program to cut $5 million in operating expenses, the company said today.


Reductions "crossed personnel lines, consulting contracts and general administrative expenses," according to a company statement. Further details were not provided.


LSBC said the restructuring is in line with its intention to concentrate on commercial product development programs. As a result, "no staffing or expense for any major product initiative or current service contract was affected."


In addition, David McGee, executive vice president and a co-founder of LSBC in 1987, is leaving the company to pursue a biotechnology consulting practice.

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