Oncorus discontinues cancer drug study, to cuts jobs; shares down

Oncorus

30/11/2022 15:14

** Oncorus Inc's shares  ONCR.O  slide 21.5% to 48 cents -
among top pct. losers across U.S. stock exchanges
    ** Biggest one-day pct. loss in nearly a year
    ** Drug developer plans to discontinue study of its
experimental cancer drug, ONCR-177, which is currently in
early-stage trial
    ** To focus its resources on lead viral RNA immunotherapy
product candidate, ONCR-021  urn:newsml:reuters.com:*:nGNX3qks86
    ** Co to also cut 20% of its workforce 
    ** ONCR reiterates its cash runaway into early 2024
    ** Co had $81.5 mln in cash and cash equivalents as of Sept.
30
    ** Including session losses, stock down ~91% YTD 
 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))