Deciphera Pharmaceuticals rises on plans to cut workforce

Deciphera Pharmaceuticals

30/11/2021 17:19

** Shares of drugmaker  DCPH.O  up 8.3% at $8.34
    ** Co announces plans to reduce workforce by about 35%, or
about 140 positions
    ** Says will focus on marketing its FDA-approved
gastrointestinal cancer treatment, QINLOCK, in the U.S. with a
reduced commercial team
    ** Co also says it is prioritizing clinical development of
its vimseltinib and DCC-3116 drug programs and discontinuing the
development of its ovarian cancer candidate, rebastinib
 urn:newsml:reuters.com:*:nBw7cqLhQa
    ** Vimseltinib is being tested in a late-stage study as a
treatment for a type of benign tumour affecting soft tissues;
DCC-3116 is being investigated in advanced tumors with a genetic
mutation
    ** Changes are expected to extend DCPH's cash runway into
2024; as of Sept. 30, co had cash, cash equivalents, and
marketable securities of $392 mln
    ** Stock had plunged ~76% on Nov. 5, after a late-stage
study of QINLOCK did not meet the main goal  urn:newsml:reuters.com:*:nL4N2RW37F
    ** DCPH down 85.4% YTD, including session's moves

 (Reporting by Mrinalika Roy and Amruta Khandekar in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))