Progenics cuts workforce, focuses on oncology after Relistor rejection
This article was originally published in Scrip
On the back of US FDA rejection of the supplemental new drug application (sNDA) for Relistor (methylnaltrexone bromide), Tarrytown, New York-based Progenics Pharmaceuticals has laid off 26% of its employees, bringing the company's headcount to 77, to focus its resources on a previously announced shift favouring oncology programmes.
You may also be interested in...
Public Company Edition: Lixte’s small uplisting was the only biopharma initial public offering in the US during Thanksgiving week, but IPOs are ramping up again. Also, LifeSci launched its second SPAC and in follow-on offerings Reata brought in $281m and Intellia grossed $175m.
Private Company Edition: Venture capital financings didn’t take a break during Thanksgiving week. In addition to the $800m Resilience raised to fund manufacturing services, SomaLogic closed a $121m series A round to fund its proteomic tools for drug discovery and diagnostics development.
Roche has partnered with Regeneron and Atea, but the company continues to leverage its long legacy in infectious diseases to identify good treatment options for the novel coronavirus.