Bay Area biotech OncoMed Pharmaceuticals will cut about half its staff in a bid to reduce costs, the company said Monday, after a series of stumbles in clinical trials left the firm struggling.
Redwood City-based OncoMed said the roster reduction, which will leave it with 64 employees, will give it enough cash on hand to stay in business until the third quarter of 2019.
"With this restructuring, we expect to have greater than two years cash to support operations focused on driving our rosmantuzumab,…
Bay Area biotech OncoMed Pharmaceuticals will cut about half its staff in a bid to reduce costs, the company said Monday, after a series of stumbles in clinical trials left the firm struggling.
Redwood City-based OncoMed said the roster reduction, which will leave it with 64 employees, will give it enough cash on hand to stay in business until the third quarter of 2019.
"With this restructuring, we expect to have greater than two years cash to support operations focused on driving our rosmantuzumab,…