Synta Pharmaceuticals (NASDAQ:[[ticker: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.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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