Issue Date: September 8, 2014 | Web Date: September 5, 2014
Pharmaceuticals: Big job cuts at Exelixis follow clinical trial disappointment
Exelixis, a South San Francisco-based small-molecule biotech firm, is eliminating 70% of its workforce following disappointing results in a Phase III clinical trial of cabozantinib, its thyroid cancer drug, for the treatment of metastatic castration-resistant prostate cancer (mCRPC). The job cuts will bring total employment to 70.
The news is the latest in a string of disappointments for the chemistry-based company, which in 2010 reduced its staff by 40%, eliminating 270 jobs, in . . .
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