Extends Projected Cash Runway through Q3 2019 to Focus on Clinical-Stage Programs and Immuno-Oncology Discovery and Development
REDWOOD CITY, Calif., April 24, 2017 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals Inc. (NASDAQ:OMED), a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer therapeutics, announced today a significant reduction in its workforce to focus internal efforts on the advancement of three clinical-stage programs to key milestones and continued immuno-oncology drug discovery and development, while seeking to partner select pipeline assets.
OncoMed will reduce its workforce by approximately 50 percent, resulting in 64 remaining full-time employees. Through implementation of the plan announced today, OncoMed expects to realize significant cost savings of approximately $60 million over the next two years associated with personnel and operating expenses. The company anticipates having sufficient cash to fund operations through Q3 2019, excluding any revenue generated from existing partnerships or potential new partnering arrangements.
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