Endocyte slashes staff and retrenches in the wake of back-to-back R&D setbacks
Three years after Endocyte’s shares $ECYT were shredded by the failure of its lead cancer program and Merck’s decision to exit their partnership, the little biotech is back with more bad news to report.
The biotech is retreating on two key clinical fronts, and it announced plans to ax 40% of its staff to help conserve cash as it recalibrates its development plans.
Its stock plunged 34% on the news.
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