Flex sends out an SOS sig­nal, scrap­ping stud­ies and slash­ing staff as it hunts a sur­vival strat­e­gy — shares crater

Flex Phar­ma to­day said that its lead drug has a big prob­lem that is forc­ing the lit­tle biotech to scrap mid-stage stud­ies and hun­ker down — slash­ing 60% of its work­force as it search­es for a way out of the dilem­ma.

The prob­lem, not dis­closed un­til now, is that the cramp­ing drug FLX-787 is not tol­er­a­ble to a sub­set of pa­tients at 30 mg. Now they need to go back and do some ba­sic for­mu­la­tion and dos­ing work to fix the is­sue — but with a beat­en down share price, the com­pa­ny doesn’t have the cash to do it alone.

Endpoints News

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.