Celldex brings out the ax in wake of breast can­cer drug dis­as­ter, chop­ping a quar­ter of its staff

Celldex Ther­a­peu­tics $CLDX is re­struc­tur­ing and cut­ting back in the af­ter­math of a dis­as­trous Phase IIb read­out. The com­pa­ny — no stranger to mis­for­tune — re­port­ed late Thurs­day that it is cut­ting 59 po­si­tions from its 2018 bud­get­ed work­force, leav­ing it with 148 em­ploy­ees.

The process re­quired lay­ing off 41 em­ploy­ees in ad­di­tion to aban­don­ing plans to fill 18 new or open po­si­tions. Ac­cord­ing to the com­pa­ny, the move would al­so “bet­ter align its work­force with the needs of its busi­ness.”

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