Light Sciences Oncology, Inc. Stumbles in Clinical Trial, Layoffs Loom
Light Sciences Oncology, the Bellevue, WA-based developer of an unusual drug/device combo treatment for cancer, has failed in a pivotal clinical trial and is preparing to make deep cuts, including layoffs, Xconomy has learned from sources familiar with the situation. The privately-held company has raised well over $130 million since its founding in 1995, from a big-name group of investors that includes Essex Woodlands Health Ventures, Johnson & Johnson Development Corporation, Novo A/S, Scandinavian Life Science Venture, and the late Microsoft treasurer Craig Watjen—who put more than $50 million of his own money into the company before he died a year ago from cancer. Bob Littauer, the company’s chief financial officer, declined to respond to requests for comment about the outcome of the trials or any subsequent corporate decisions.