Penny stock, Merck partner lays off 45% of staff to reach PhII readout by early 2023
Another biotech is feeling the chill of the bear market, laying off staff in an effort to preserve cash.
Cancer immunotherapy startup OncoSec Medical announced Tuesday evening it would lay off about 45% of its workforce, or 18 employees, it estimated in an SEC filing. OncoSec made the move to better position the company to complete a Phase II trial for its sole program in melanoma, CEO Robert Arch said in a statement.
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