Biotech Industry Restructures and Faces Workforce Cuts
This week, the biotech sector witnessed significant restructuring, with companies implementing workforce reductions to conserve cash and extend financial runways. Viracta Therapeutics Inc. (VIRX) announced a 23% reduction in staff as it reprioritizes its pipeline, focusing on the more advanced EBV+ lymphoma program over the paused EBV+ solid tumor program. Their lead candidate, Nana-val, continues its promising phase II trials.
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