Con­text Ther­a­peu­tics trims pipeline, cuts down on spend­ing to con­serve cash

To sur­vive the cur­rent mar­ket con­di­tions, Philadel­phia-based Con­text Ther­a­peu­tics has re­sort­ed to cost-cut­ting, a hir­ing freeze and pipeline prun­ing.

The com­pa­ny, which de­vel­ops treat­ments for breast and gy­ne­co­log­i­cal can­cers, is hop­ing that the new mea­sures will help it sus­tain it­self un­til the end of Q1, 2024.

“We were hop­ing that things would get bet­ter over the course of 2022, how­ev­er, in our es­ti­ma­tion, they’ve got­ten more chal­leng­ing for biotech,” Mar­tin Lehr, CEO of Con­text Ther­a­peu­tics, told End­points News.

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