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Finance Watch: OncoMed Cuts Costs To Conserve Capital While Public, Private Peers Raise Cash

 
• By Mandy Jackson

OncoMed lays off half its employees after a series of recent clinical setbacks. Meanwhile, six public companies raise $1.64bn in $100m-plus follow-on and debt offerings, SV Health Investors closed a $400m venture capital fund and eight therapeutics firms grabbed $247.5m in VC cash.

Finance Watch

OncoMed Pharmaceuticals Inc. had a terrible, horrible, no good, very bad April with multiple clinical trial failures and a partner deciding not to option a pair of drug candidates, leading the company to cut its head count in half, trimming its staff to 64 full-time employees.

Redwood City, Calif.-based OncoMed said on April 24 that the workforce reduction will save the company $60m in personnel and operating costs during the next two years after spending $2.6m...

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