UPDATE 1-PTC Therapeutics announces job cuts to lower annual operating expenses

Drugmaker PTC Therapeutics said on Thursday it plans to cut workforce, which would impact about 25% of the organization, as it aims to reduce its yearly operating expenses. The workforce reduction would primarily include employees working on early-stage research programs and those at its gene therapy manufacturing facility located in Hopewell, New Jersey. PTC also confirmed its plans to submit the re-examination request to the EU regulator's Committee for Medicinal Products for Human Use (CHMP) for its muscular disorder drug, Translarna.