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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