Employment News
Synta Pharmaceuticals Cutting 40% of Workforce
By Erik Even | Dated: 03-13-2009
Synta Pharmaceuticals cut 90 jobs, nearly 40% of its workforce, citing the recent suspension of its cancer drug trial.Late-stage trial of the drug, elesclomol, was suspended last month after an independent data monitoring committee observed a higher number of deaths and other safety concerns.
The Lexington, Massachusetts-based company says the restructuring will allow the company to operate for the next two years without additional equity financing.
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