Bio-Tech Company Plans to Cut 40 Percent of Staff

Exelixis Inc. announced a restructuring plan on Monday that will result in the elimination of 270 jobs, or about 40 percent of the bio-tech company’s entire workforce.

Exelixis, which is based in San Francisco, said the restructuring will result in a decrease of cumulative cash expenditures by $90 million through 2011. It “increases the company’s financial strength and positions the company for long-term sustainable growth,” according to a press release.

“We are convinced that the restructuring is the right step for the company and positions us well to move into the future,” said President and CEO George A. Scangos. “However, it is extremely difficult to release many people who have contributed substantially to the company over the years and who are our friends and colleagues.”

Exelixis is a development-stage biotechnology company catering to the discovery and development of novel small molecule therapeutics for the treatment of cancer and other serious diseases.

Career Connect (From our other career blogs):

Employment News (Sponsored by EmploymentSpectator)
Following Your Passion-Literally! (Sponsored by iamnotastalker.com)
Job Search Advice from the CEO of TravelingCrossing (Sponsored by aharrisonbarnes.com)
Layoff News (Sponsored by LayOffWatch)

Testimonial of the Week

I was facing the seven-year itch at my previous workplace. Thanks to EmploymentCrossing, I'm committed to a fantastic sales job in downtown Manhattan.

Joseph L New York, NY

+ Read More Testimonial

Only TravelingCrossing consolidates every job it can find in the domain and puts all of the job listings it locates in one place.

We have more jobs than any other job board.
We list jobs you will not find elsewhere that are hidden in small regional publications and employer websites
We collect jobs from more than 4,429,376 websites and post them on our site.
We are private, and therefore far fewer people are applying for the jobs on our site than are applying for those on public job boards.