ZymoGenetics cuts 52 jobs |
Register here for our next TechFlash Live networking event, March 23, featuring an expert panel discussing the future of online advertising.
ZymoGenetics cuts 52 jobs
One of Seattle's biggest biotech company continues to shrink. ZymoGenetics today announced in an SEC filing that it is reducing its workforce by 15 percent or 52 positions. The cutbacks follow a layoff of 161 workers in April.
ZymoGenetics said the actions -- which also include the discontinuation of the company's immunology discovery research programs -- will help position it for "long-term sustainability and success."
The layoffs come despite a plan by the company -- announced in October -- to try to retain staffers by allowing them to trade in existing stock options that are now under water. ZymoGenetics -- which now boasts a market value of $457 million -- has seen its stock price decline by 71 percent over the past five years.
As part of the most recent restructuring, Zymo said that it plans to focus efforts on its Recothrom Thrombin product as well as other drug candidates in the pipeline. The company continues to lose money, posting a third quarter net loss of $11.4 million.
The company had $103.4 million of cash, cash equivalents and short-term investments.
Zymo is nowhere near the top of the charts when it comes to the biggest biotechs in terms of market capitalization, according to Google Finace.
Dendreon holds that title with a market value of $3.15 billion.
Seattle Genetics is almost twice as big Zymo, with a market value of $957 million. And Cell Therapeutics reported a market value of $655 million at the end of today's trading.
TechFlash Team
Recent Sponsor Posts
Seattle University Software Engineering
Chinwe Okeke (MSE’08) pursued her graduate degree while working as a developer and technical analyst for the Boeing Company. She picked the SU-MSE program for small class sizes and real world learning opportunities offered through the academic service-learning and capstone projects.
The MSE program at Seattle University is geared for working professionals with classes offered in the evenings. The program builds upon the computing experience of its students and offers courses in a variety of technical and management areas of software engineering, with an emphasis on teamwork and a disciplined approach to problem solving.
Marchex is one of Seattle’s largest ad technology companies with 300+ employees providing call and click based performance marketing products, and managing over $100m in ad budget for tens of thousands of advertisers. Our customers range from local businesses to the Fortune 500.
Our talented and creative product engineering group is hiring.
If you are an innovative software design engineer interested in solving difficult problems at scale, across a wide array of technologies from Lucene to Hadoop to Asterisk and SIP then we’d love to hear from you!
Apply now.
Technology Tax Planning – Did You Take The Deduction?
Technology companies require professional advisors who can assist in all aspects of the business. The BDO Technology Practice provides a full range of services tailored to help address the changing needs of domestic and international companies. In addition to core audit and tax services, BDO professionals can assist technology companies with:
· Revenue recognition
· Business combination accounting
· R&D tax credits
· Compensation and benefits
· Business valuations
Backed by 38 national offices and an international network in 110 countries, we have the domestic and global footprint to serve growing technology companies. Contact sphilpott@bdo.com (audit partner), mreeves@bdo.com (audit partner), psmith@bdo.com (tax partner), tzambito@bdovaluation.us.com (valuation), tfiscus@bdo.com, Director, 206.624.2020
Job Listings
- Software Development Engineer - Display Advertising
- Business Services Company
- Director Enterprise Architecture - IT
- Starbucks Coffee Company
- Senior Program Manager - External - 713665
- Microsoft Corporation
- Quality Improvement Specialist
- HCR ManorCare
- Senior Software Development Engineer - eXtreme Computing Group - 708427
- Microsoft Corporation
TechFlash Archive
- March 2010 (185)
- January 2010 (235)
- November 2009 (249)
- September 2009 (278)
- July 2009 (276)
- May 2009 (212)
- March 2009 (286)
- January 2009 (260)
- November 2008 (205)
- September 2008 (6)
- February 2010 (243)
- December 2009 (230)
- October 2009 (305)
- August 2009 (239)
- June 2009 (253)
- April 2009 (254)
- February 2009 (262)
- December 2008 (204)
- October 2008 (122)
