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news.Isolagen has said it is in consultation with its UK workforce concerning the closure of its Isolagen Europe firm.
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“The closure of the UK operations is a difficult decision based on a full business analysis,” said Nicholas Teti, Isolagen chairman and CEO. “While we value the hard work and commitment of our UK staff, sustaining further financial losses in the UK business is not in the company's best interest.”
“The management and the board have determined that the best use of resources is to focus on advancing the US pivotal phase III clinical trial of the Isolagen Process for the treatment of certain facial wrinkles, and then, with regulatory agencies' agreement, initiate clinical studies in key strategic therapeutic and aesthetic areas,” continued Mr Teti.
The proposed closure of Isolagen Europe will affect approximately 80 positions in London, 21 from the Hammersmith management office, and 59 from the European manufacturing plant in Park Royal.
Isolagen specializes in the development and commercialization of autologous cellular therapies for soft and hard tissue regeneration.