Mural Oncology has announced significant layoffs, cutting around 90% of its workforce due to unsuccessful trial results for its cancer treatments. This decision follows the discontinuation of its immunotherapy candidate, nemvaleukin alfa. The company, which was spun off from Alkermes in late 2023, is now exploring strategic options including merges or acquisitions to enhance shareholder value. The layoffs are indicative of broader challenges within the biotech industry, especially in Massachusetts, where numerous companies have recently announced job cuts alongside economic difficulties.
Mural Oncology announced it will cut about 104 positions after disappointing trial results, discontinuing clinical development of a cancer treatment and exploring strategic options.
The biotech industry struggles are evident as Mural Oncology faces layoffs and seeks to maximize shareholder value amid ongoing challenges in life sciences.
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