The cuts and reduction of research activities are designed to help ImmunoGen ration $240 million in cash long enough to finish its phase 3 clinical trial of mirvetuximab and prioritize three other earlier stage drug candidates, the company said.
ImmunoGen plans to suspend all other research activities.
Most of the layoffs will occur by mid-July. The cuts are expected to cut ImmunoGen’s quarterly expenses in half.
More articles on pharmacy:
Walmart cutting some pharmacy jobs
UPMC acquires community pharmacy in Pittsburgh
Oklahoma judge approves Teva’s $85M opioid settlement
