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.