With an FDA hold on its failed lead drug development program, Boston-based Point Therapeutics today announced that it is cutting its work force by 60 percent. There was no information on the number of jobs involved, but the company's statement said the workforce reduction would cost about $130,000. Several months ago, the company announced that talabostat failed to hit a primary endpoint. Later, their monitoring committee recommended that the company halt two late-stage studies of the drug. In the meantime, its stock has been beaten to a pulp and the company had already announced cuts last fall as it concentrated its efforts on the cancer front.
- read the short announcement
Talabostat trial put on hold. Report
Point Therapeutics' cancer drug misses endpoint. Report
Point Therapeutics cuts staff. Report