Molecular Templates, a Texas-based biopharma company, announced restructuring changes this week resulting in a 50% workforce reduction.
The company — which focuses in developing therapeutics using its proprietary biologic engineered toxin body (ETB) drug platform — revealed the news during its fourth quarter 2022 financial results and business update.
Looking to focus on its core clinical development programs and extending its financial runway, Molecular Templates will be halving its headcount and letting go of a total of 111 employees.
Molecular’s ETB drug platform allows for the selection of targeted therapeutics that can force receptor internalization, deliver therapeutic payloads, and directly kill targeted cells through the enzymatic inactivation of ribosomes.
Following the restructuring, the company will focus on its clinical development programs for its PD-L1, CTLA-4 and CD38 inhibitors and preclinical activities related to a 2021 collaboration with Bristol Myers Squibb to discover and develop therapies designed for specific oncology targets. As a part of the operational changes, the company is also pausing the development of its HER2 asset.
