Following another PhII failure, cash-strapped Cerulean chops half its staff
Cerulean execs ended Wednesday trying to convince analysts, largely unsuccessfully, that its second Phase II failure for their lead drug could be contained and overcome in a new round of studies focusing their nano meds on a better target. They ended Thursday by announcing plans to lop off nearly half of their workforce, returning to a more manageable roster of 23 FTEs after their stock price had wiped out 56% of their market cap.
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