WASHINGTON (dpa-AFX) - Synta Pharmaceuticals Corp. (SNTA) on Thursday announced about 20% reduction in its workforce as part of a change in its operating model.
The company expects to realize cost savings from the job cuts in 2015.
On a cumulative basis, headcount has been reduced from 133 at the beginning of 2014 to 90 today, the company noted.
The company said it will continue to seek productivity improvements and increased operating efficiencies as the new operating model for the organization is put in place. That includes a consolidation of Synta's office and laboratory facilities in 2016.
Synta will focus its clinical development activities on ganetespib. The company said it has initiated IND-enabling studies for its lead HDC drug candidate, STA-12-8666, with an expectation to file an Investigational New Drug application by the first quarter of 2016.
The review of the company's drug candidate portfolio, development programs and research agenda has led to a rationalization of the company's portfolio and research activities, demonstrated by the divestiture of Synta's IL-12/23 inhibitor program and its CRAC ion channel inhibitor program in 2014. As part of the effort, the company reduced its headcount in 2014 by a total of 20 people and reallocated resources to increase support of the ongoing ganetespib development program and HDC platform. Going forward, Synta intends to build its pipeline through a focused, internal research agenda, complemented by external partnerships and business development activities.
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