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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