Tokai quick­ly toss­es most of its staff af­ter PhI­II can­cer drug fails

Tokai Phar­ma­ceu­ti­cals’ ex­ecs have de­cid­ed that they can no longer af­ford most of their staff. Just three days af­ter re­veal­ing that their prostate can­cer drug galeterone had failed a Phase III study, the biotech says it will cut 60% of its staff and re­duce its pay­roll to the equiv­a­lent of 10 full time peo­ple.

The biotech $TKAI slammed the brakes on its AR­MOR3-SV study af­ter the da­ta mon­i­tor­ing com­mit­tee con­clud­ed that the drug proved to be a dud, ef­fec­tive­ly shred­ding Tokai’s busi­ness plan.

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