Avant Immunotherapeutics lays off 30%

Avant Immunotherapeutics Inc. today launched a restructuring program that calls for a workforce reduction of about 30%.

The Needham-based biotechnology firm said it expects the program to lower its overall cost structure by about 18% over the next two years. It also plans to exit its research facility in St. Louis later this year and move all related activities to its headquarters in Massachusetts.

The company anticipates cash restructuring costs of about $1 million, which it expects to record in the second and third quarters.
(Dow Jones)