Chimerix falls as co plans to slash workforce

Chimerix

09/12/2022 17:51

** Shares of drugmaker Chimerix Inc  CMRX.O  fall 8.1% to
$2.03
    ** Co said late on Thursday it plans to reduce its workforce
by 25% to focus on its cancer drug pipeline 
    ** Co says that late-stage study of its drug, ONC201, has
been launched
    ** Co to focus on completion of study vs pursuing
accelerated approval with the FDA
    ** Brokerage Cowen and Co says given the evolving landscape
of accelerated approval in oncology and FDA's strictness on the
subject, the decision was reasonable
    ** The drug is being studied for the treatment of glioma,
which is a type of brain and spinal cord tumor 
    ** Including session's losses, stock down ~68% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))