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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