Ole­ma On­col­o­gy to cut 25% of staff, says it will fo­cus on late-stage pipeline

Ole­ma On­col­o­gy will let go of a quar­ter of its work­force, as well as two top ex­ec­u­tives, as the biotech works to keep alive work on an ex­per­i­men­tal breast can­cer drug that has so far been a dis­ap­point­ment.

The cuts will af­fect work­ers in R&D and cor­po­rate func­tions, the com­pa­ny said in a press re­lease Thurs­day. Al­so out are CBO Kin­ney Horn and Cyrus Har­mon, a co-founder of the com­pa­ny and its chief re­search of­fi­cer. Har­mon will stay as a mem­ber of the board. The com­pa­ny had 83 full-time em­ploy­ees as of Jan. 31, ac­cord­ing to a fi­nan­cial fil­ing.

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