Black Diamond lays off 30% of its workforce and culls a drug from its 'MasterKey' chest
With every round of layoffs, the doldrums of the biotech bear market get ever darker and more depressing. Black Diamond Therapeutics is the latest to cut ties with employees as the company ships off one asset so it can focus on the rest of its so-called “MasterKey” therapies.
The wiped-away drug is BDTX-189, an orally available small-molecule inhibitor that targets mutations of EGFR and HER2 kinases. The drug, already erased from the pipeline page on the company’s website, had been in a Phase I study, but Black Diamond is doing away with the asset because of the “rapid evolution of the treatment landscape in non-small cell lung cancer (NSCLC) harboring either EGFR or HER2 Exon 20 insertion mutations,” the company said Monday morning.
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