February 6, 2015
By Alex Keown, BioSpace.com Breaking News Staff
LEXINGTON, Mass. – Synta Pharmaceuticals Corp. announced Thursday that it has a new strategy in oncology research that includes focusing on the development of cancer drug ganetespib, while at the same time slashing its workforce by 20 percent.
The workforce reduction will help shore up finances and streamline operations to allow the company to focus on its ganetespib pipeline. The company workforce has been reduced from 133 at the beginning of 2014 to 90 today. The company plans to adjust to the workforce reduction through a consolidation of Synta’s office and laboratory facilities, which company officials believe will allow the company to be more flexible in its work with ganetespib, Synta’s leading cancer treatment drug.
Ganetespib, which blocks heat shock protein 90 (Hsp90) that facilitates cancerous tumor growth, is currently in Phase 3 development for the treatment of a broad range of cancers, including lung cancer with its GALAXY-2 clinical trial. Heat shock proteins assist proteins in the body to function properly, but with cancerous cells, can foster growth. Ganetespib would function as an Hsp90 inhibitor.
In addition, ganetespib is also in a Phase III clinical trial for acute myeloid leukemia (AML), and Phase 2 clinical trials for ovarian and breast cancer. As part of its development plan for ganetespib, Synta is exploring certain biomarkers, which company officials expect may guide future development of the product, pending results of ongoing studies.
“The structural changes we are making within our organization, while difficult decisions, are necessary to help us realize this potential. We are extremely grateful for the contributions of those who will be leaving the company, and we all wish them much success in their future endeavors,” CEO Anne Whitaker said in a press release.
In addition to a reduction in workforce, the company is also exploring cost-cutting measures through the divestiture of Synta’s IL-12/23 inhibitor program and its CRAC ion channel inhibitor program.
Company officials said they expect to file an Investigational New Drug (IND) application for its HDC drug candidate STA-12-8666, which could be used for pancreatic cancer patients, by the first quarter of 2016. In addition to STA-12-8666, Synta expects to identify one additional HDC drug candidate to nominate for preclinical development by the end of 2015.
“Our ambition is to bring to market novel cancer medicines to treat patients battling cancer by leveraging our internal strengths in oncology research, development and commercialization, as well as external relationships with academia, investigators, and partners. The next several quarters hold tremendous potential for bearing out the value of our pipeline,” Whitaker said.
BioSpace Temperature Poll
Will Hiring Heat Up in 2015? With companies as large as Biogen Idec and as small as ICON upping their hiring across the board, where do you think the biotech job market will go in 2015? BioSpace wants your opinion!
| Read at BioSpace.com |
