Tolerx, Inc. Cuts Staff, Auctioning Assets After Phase 3 Failure

FierceBiotech -- Tolerx is winding down operations after more than a decade spent developing drugs for immune-related diseases, three sources familiar with the biotech's plans told FierceBiotech. The Cambridge, MA-based company began retrenching shortly after Tolerx and its partner GlaxoSmithKline revealed in March the biotech's lead drug, an anti-CD3 antibody called otelixizumab, flunked a Phase III trial in patients recently diagnosed with Type 1 diabetes.