Louisville-based biotech company GlobeImmune laid off 15 of its 60 employees Thursday to better tailor the company's resources to the needs of its projects, said CEO Timothy Rodell.

"Basically we were adjusting the organization for what we are working on," Rodell said. "It was a force of business."

The company, which announced raising $17.5 million for continued research in January, presented the final data point for its clinical trials of the Hepatitis C immunotherapy drug GI-5005 at the 45th annual meeting of the European Association for the Study of the Liver on April 17.

Development of GI-5005, and other immunotherapy and oncology product candidates the company has been working on, will not be affected by the staff cuts, according to Rodell.

"There will be no discontinuation in any projects," Rodell said. "We just didn't need the level of resources we have."