Turning focus to clinical work, Verastem axes 31 jobs, scales back cancer drug promotion after disappointing sales
Months after taking the helm at Verastem Oncology, Brian Stuglik has a plan to take the biotech in a “new strategic direction” — but not before some layoffs.
Left out of an upbeat press release spelling out its clinical plans, and buried below news of a $100 million private placement in an SEC filing, is a planned restructuring that will claim 31 jobs. Alongside some other cost-saving measures, Verastem expects to cut expenses down by $70 million to $80 million per year.
In particular, the company signaled that the cuts are coming from its sales force as it scales back the promotion of its sole commercial product, Copiktra. Non-core clinical research will also be scrapped.
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