Endocyte Refocuses, Trims Work Force
West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) says it will cut its work force by around 40 percent as part of a restructuring. Officials say the move will allow it better focus resources on the "highest value opportunities, while maintaining key capabilities." Endocyte's 2016 annual report says that as of December 31, 2016, the company employed 76 -- most in research and development positions.
Chief Executive Officer Mike Sherman, who succeeded co-founder Ron Ellis at the helm a year ago, says the decision was "difficult but necessary" and the company will provide support to displaced workers. "As we refocus our clinical development efforts, we are also aligning our investments and resources to advance our most compelling pipeline programs to key inflection points," said Sherman in a statement released by the company. "Endocyte is a data-driven company, and we are committed to the disciplined management of clinical programs as the science guides us."
Tests and development of multiple key programs in its pipeline are being ended or refocused, but Endocyte says other initiatives are advancing, including a partnership with Seattle Children's Research Institute and what it describes as further work on a "potent DNA-targeted warhead with clinically proven activity."
You can connect to additional details about the restructuring by clicking here.