StemCells Inc., the Palo Alto, CA-based developer of regenerative medicines, said today it has cut 30 percent of its U.S. workforce to conserve cash while it runs trials of its treatment for spinal cord injuries. Cutting 20 jobs is supposed to save the company $2.3 million a year in expenses, the company said. StemCells (NASDAQ: [[ticker:STEM]]) said it had $22.9 million of cash and investments in the bank at the end of March, and is on an annual pace to burn through about $18 million of cash.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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