Cerulean Slashes Jobs After Phase II Kidney Cancer Failure

Cerulean will cut its staff by almost half to reprioritize its remaining cash as it recovers from a clinical trial failure for its lead drug candidate that shifts the program's immediate focus from kidney to ovarian cancer.

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Cerulean Pharma Inc. said on Aug. 18 that it will reduce its work force by 48%, leaving the company with 23 full-time employees by the end of 2016 as it shifts its development strategy for lead asset CRLX101 from kidney to ovarian cancer after a Phase II clinical trial failure.

Waltham, Mass.-based Cerulean announced the layoffs after its share price fell 56.2% to close at $1.20 based on the company's...

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