OncoMed restructures; 48% of workforce axed

|About: OncoMed Pharmaceutical... (OMED)|By:, SA News Editor

On the heels of its failed YOSEMITE and PINNACLE studies, the board of OncoMed Pharmaceuticals (NASDAQ:OMED) approves a restructuring plan to reduce operating costs and realign its workforce.

The initiative includes a 48% reduction (60 jobs) in headcount. The company will record charges of $2.6M - 3.1M through the end of 2017 related to the effort.

Previously: OncoMed's tarextumab flunks mid-stage lung cancer study; shares plummet 26% premarket (April 17)

Previously: Oncomed, -43% in two days, maintained Buy at H.C. Wainwright (April 11)