PTC Therapeutics (PTCT) to Cut Workforce by ~18%

PTC Therapeutics, Inc. (NASDAQ: PTCT) announced that the company is reducing its workforce by approximately 18%, which will primarily affect employees and contractors in the U.S. This reduction is part of PTC's program intended to optimally manage operating expenses following its recent setback related to the Refuse to File letter received from the U.S. Food and Drug Administration (FDA) for Translarna™ (ataluren) for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD). PTC remains focused on the global development of Translarna and commercialization outside of the U.S. for nmDMD. In parallel, PTC intends to work with the FDA to determine the best path forward to bring Translarna to patients in the U.S.

"I would like to express my sincere appreciation to those employees affected by today's announcement," said Stuart W. Peltz, Ph.D., Chief Executive Officer, PTC Therapeutics, Inc. "While it is very difficult to part with this talented group of colleagues, it was a necessary step to better align our resources and enable us to continue our mission of bringing treatments to patients suffering from rare and neglected disorders."

PTC plans to complete this workforce reduction by June 30, 2016 and expects to incur related employee severance and benefit costs of approximately $2.5 million.

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