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Print Edition StoriesFriday, March 13, 2009
Synta Pharmaceuticals lays off 90
By Mass High Tech staff
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Embattled biopharmaceutical firm Synta Pharmaceuticals Corp. has followed suspension of its Symmetry clinical trial with a restructuring announcement that includes layoffs of 90 employees.
Synta president and CEO Safi Bahcall pointed to the company’s Phase 3 clinical trial results of elesclomol in metastatic melanoma as reason for the workforce reduction. The trial was suspended following results that the cancer drug paclitaxel, combined with elesclomol, had a higher number of deaths in patients than those patients taking paclitaxel alone.
As another result of the trial, the company has postponed release of its earnings report while it develops a compensation strategy.
The layoffs bring the company’s total work force reductions to about 130 jobs, according to a company statement. The company has said that the layoffs will enable Synta to operate for two years without requiring further equity financing.
Lexington-based Synta (Nasdaq: SNTA) is in discussions with GlaxoSmithKline PLC, its collaborator, on the future development of elesclomol, a drug for programming cell death in cancer cells.
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