Af­ter PhI­II let­down, Rain On­col­o­gy lays off 65% of staff, al­ters clin­i­cal plans for sole as­set

Rain On­col­o­gy will let go 65% of its work­ers, stop en­rolling pa­tients in a bas­ket tri­al and nix plans for an­oth­er study of its sole as­set fol­low­ing a Phase III fail­ure last week.

The Newark, CA-based biotech had about 70 em­ploy­ees at the time of the da­ta last week, mean­ing about 40 to 50 staffers will be af­fect­ed by the lay­offs, CEO and co-founder Avan­ish Vel­lan­ki said in an emailed state­ment to End­points News. That in­cludes med­ical chief Richard Bryce, who will hand his du­ties to Robert Doe­bele, Rain’s co-founder, pres­i­dent and chief sci­en­tif­ic of­fi­cer, the biotech said in a press re­lease an­nounc­ing the news Tues­day.

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.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER