Sean McCarthy, CytomX CEO

Reel­ing from PhII flop, Cy­tomX lays off 40% as ex­ecs go back to draw­ing board, seek new deals

Just days af­ter putting a lead drug on the back­burn­er in the wake of a Phase II flop, Cy­tomX has set­tled on a makeover plan.

The South San Fran­cis­co biotech is lay­ing off around 40% of its staffers as part of a re­vamp in­tend­ed to pri­or­i­tize in­ter­nal work on its pre­clin­i­cal and ear­ly clin­i­cal pipeline — hit­ting hard­est on the de­vel­op­ment and gen­er­al and ad­min­is­tra­tive teams. At the end of 2021, Cy­tomX re­port­ed it had 174 full-time em­ploy­ees.

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