Geron (GERN) says it has discontinued development of its GRN1005 brain cancer drug following disappointing Phase II trial results. The company says it will focus on the development of its imetelsat cancer drug, and will cut 43 full-time positions as part of a restructuring. Geron expects to achieve annual savings of $32M from the restructuring, and record charges of $6M. Shares are halted, and will resume trading at 4:35PM ET.
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