Biotech represents a risky business with high stakes—payouts can be high but the failures can be very low. Tocagen experienced the negative side of the biotech as one of its late-stage clinical trial programs, an investigational gene therapy treatment for the most aggressive form of cancer, failed. Consequently, it must now reduce 65% of its workforce.
About 30 will experience the layoff from the San Diego-based venture. They are publicly traded at (NASDAQ: TOCA).
With its remaining cash, the venture will focus on the completion of clinical trial analysis of results from Toca 5. They offer a presentation of these findings at the annual meeting of the Society For Neuro-Oncology, in Arizona. The company reported $68 million cash since June based on its last quarterly report.
The drug also being tested in a Phase 2/3 trial for glioblastoma patients. This is one of the most common and deadly brain cancers for adults. NRG Oncology is actually conducting the trial via grants from the National Cancer Institute.Source: PR Newswire