Another high-tech innovator is set to leave California this year as Cargo Therapeutics confirmed on March 18 that it is winding down operations.
The biotechnology company was developing “next-generation cell therapy cures” for cancer patients, one of which was designed to address several known causes of cancer relapse in patients, according to Cargo Therapeutics.
Cargo is scheduled to close on May 19, according to a notice filed Wednesday with the state.
The company plans to permanently lay off 84 employees at the San Carlos, California, location, about 25 miles south of San Francisco.
The staff reduction is expected to cost from $24 million to $29 million this year from severance pay, benefits, payroll taxes, and other costs set to reach up to $14 million, the company reported in a U.S. Securities and Exchange Commission filing….