EFFECTOR Therapeutics, a biotech upstart based in California that raised hundreds of millions for cancer research, is throwing in the towel. The company laid off its remaining staff and has asked to be delisted from the NASDAQ as it winds down operations.
In 2022, the company burned through $22.7 million, and by 2023, it faced further losses totaling $35.8 million. Despite these financial struggles, the company received a major blow in April when one of its clinical trials yielded insufficient positive results for non-small cell lung cancer patients.
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