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Business
Synta Cuts Workforce After Suspending Trial
by Rick Mullin
March 23, 2009
| A version of this story appeared in
Volume 87, Issue 12
Synta Pharmaceuticals will eliminate 90 positions following the suspension of Phase III clinical trials of elesclomol, a drug it is developing in partnership with GlaxoSmithKline as a treatment for metastatic melanoma. The company claims that the layoffs, which will reduce the total workforce to 130 employees, will allow it to operate with current cash reserves for approximately two more years without additional equity financing. It currently has four other programs in clinical or preclinical development.
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