CytomX Therapeutics has announced plans for a 'strategic realignment' which will also come with layoffs.
The San Fran-based biopharma said it will focus on its emerging pre-clinical and early clinical pipeline and realign its capital resources to drive these efforts. These actions will include the reduction of CytomX's workforce — primarily development and general and administrative staff — by approximately 40%.
The news comes a week after CytomX revealed that its lead candidate, praluzatamab ravtansine, will not be progressing to phase 3 trials in triple-negative breast cancer after an evaluation of phase 2 trial data.
Regarding the realignment, CytomX said it will maintain the resources to support ongoing internal pipeline efforts with its two INDs planned for 2023. The company also noted that it remains committed to its current alliances with AbbVie, Amgen, Astellas and Bristol Myers Squibb.