Blitzed by tri­al fail­ures, On­coMed ax­es half its staff and re­trench­es around PhI drugs

On­coMed $OMED is cap­ping a dis­as­trous month with a move to ax half its staff, leav­ing 64 work­ers be­hind to ex­e­cute on a new busi­ness plan.

Over the last few weeks the Red­wood City, CA-based biotech has re­port­ed back-to-back Phase II fail­ures for its top drugs, dem­cizum­ab and tarex­tum­ab, set­backs that blitzed its share price and raised se­ri­ous doubts about its fu­ture. So now its ex­ec­u­tive team is giv­ing the com­pa­ny some breath­ing room on the burn rate as it looks to sal­vage a fu­ture through its col­lab­o­ra­tion with Cel­gene.

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