Altus Pharmaceuticals, a Waltham, MA-based biotech company, said today in a regulatory filing it is eliminating 107 jobs, or 75 percent of its workforce, and halting development of an experimental cystic fibrosis drug to conserve cash. Altus, which will now have 35 employees, is handing back the rights to Trizytek to the Cystic Fibrosis Foundation. Altus shares (NASDAQ: [[ticker:ALTU]]) plunged more than 50 percent this morning on the news to 26 cents.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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