Synta Pharmaceuticals Cutting 40% of Workforce

Synta Pharmaceuticals cut 90 jobs, nearly 40% of its workforce, citing the recent suspension of its cancer drug trial.

Late-stage trial of the drug, elesclomol, was suspended last month after an independent data monitoring committee observed a higher number of deaths and other safety concerns.

The Lexington, Massachusetts-based company says the restructuring will allow the company to operate for the next two years without additional equity financing.