CAMBRIDGE – Curis Inc. said it plans to cut its workforce, including top executives, and suspend some research programs to reduce costs while it focuses onprotein and stem-cell programs, Bloomberg News reported.
Chairman Doros Platika, replaced as president and chief executive officer in October by Daniel Passeri, will step down and serve as adviser to the company. Andrew Uprichard, chief operating officer, and George Eldridge, chief financial Officer, will leave the company. Curis, which specializes in developing therapies to repair or restore damaged cells, said it will eliminate 35 jobs and pare research spending by 35 percent to $26 million from $40 million this year.
The Cambridge, Massachusetts-based biotechnology company will stop development of its Chondrogel treatment for a bladder disorder and Vascugel for coronary-artery disease. Those programs may be revived if it finds a pharmaceutical partner to help fund them, Curis said.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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