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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