Life Sciences, Layoffs, cancer

Synta Pharma Cuts 90 Workers

Ryan McBride 3/13/09

Synta Pharmaceuticals (NASDAQ:SNTA) says it will cut 90 workers, or about 41 percent of its staff, to conserve cash after its late-stage clinical trial for its lead treatment for a deadly form of skin cancer ended in disaster last month. The Lexington, MA-based firm, which ended 2008 with $65 million to $70 million in cash on hand, reports that the layoffs will enable it to operate for two more years without raising more money. The workforce reduction has been added to our Boston Tech Layoff Tracker.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.