South San Francisco-based Exelixis is axing 270 jobs--40 percent of its workforce--as it circles its wagons around its top three cancer programs.
Citing SEC documents, the San Francisco Business Times reports that the axe will fall hardest on the company's drug discovery unit. And the developer says that slashing its budget for salaries, lab supplies and clinical trial costs will help the company save $90 million through 2011.
The spotlight now will primarily focus on three cancer programs--for XL184, XL147 and XL765--while its preclinical development program has been scaled to produce one new IND per year. Exelixis will continue development of XL888, an orally available small molecule inhibitor of HSP90 currently in Phase I, XL139 and XL413, compounds co-developed with BMS, as well as its preclinical program focused on PI3K delta
"Our priority is to see ourselves through to the anticipated filing of our first NDA for XL184 in the second half of 2011," said George A. Scangos, president and CEO of Exelixis.
- check out the Exelixis release for more information
- here's the report from the San Francisco Business Times