June 2, 2023 07:12 AM EDT

Oncorus lays off most of its remaining team, warns of wind-down as it takes one last shot at dealmaking

Amber Tong

Senior Editor

Despite cutting its headcount, pipeline and lease late last year, Oncorus is still struggling to stay afloat and is now on the brink of bankruptcy or dissolution, the company revealed late Thursday.

The Andover, MA-based biotech is letting “substantially all of Oncorus’ workforce” go, after the board of directors approved the layoffs. CEO Ted Ashburn, COO/chief of staff Stephen Harbin and CMO John Goldberg are among the 55 to depart.

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