While one cancer cell therapy company is giving some employees a possible one-month reprieve from layoffs that had been scheduled for next week, two other life sciences companies joined the growing ranks of those cutting jobs amid a general industry downturn.
The moves are the result of an 18-month-long biotech investor malaise that brought to a close a decade-long expansion that had fueled startups, hiring and the construction of new lab and office space across the Bay Area. PACT — standing for Personalized Adoptive Cell Therapy — told state and local officials in a filing last week that 51 of 94 employees who were to be laid off Aug. 29 will have their termination dates extended to Sept. 30 or the completion of a business development push by the South San Francisco company.said it would cut the 94 jobs as part of an"economic restructuring" that is"necessary for the long-term health of the company.
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