Durham drug firm Argos to slash 38% of work force - 46 jobs
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Durham, N.C. — Durham-based Argos Therapeutics is cutting 38 percent of its work force (46) jobs in a cost-cutting move.
The company announced the layoffs Thursday.
The cuts are expected to save Argos some $5.7 million.
The move came after Argos shares were pummeled last month in the wake of an independent data monitoring committee that the company stop Phase 3 trial of a drug intended to treat kidney cancer.
In a securities filing at the time, Argos said the planned review by the independent data monitoring committee concluded that rocapuldencel-T was unlikely to demonstrate statistically significant improvement in patient survival rates, the study’s primary measure of success.
“We are extremely disappointed with these results, which included seventy-five percent of the targeted events needed to permit the primary analysis and assessment of overall survival in the study,” said Argos Chief Executive Officer Jeff Abbey.
In January, Argos announced plans to expand its operations to NCSU's Centennial Campus in Raleigh.
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