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MacroGenics to cut workforce, close satellite sites

MacroGenics has initiated cost-saving measures through a corporate restructuring, announcing job cuts and the closure of two satellite facilities.

The planned measures include an approximate 15% workforce reduction in employees and the closure of two satellite sites — a Brisbane, California-based research site and a smaller-scale, non-commercial GMP manufacturing site in Rockville, Maryland.

This comes on the heels of last month’s trial closure. The Maryland-based biotech shuttered the phase 2 trial assessing its B7-H3-directed mAb in combination with either retifanlimab or tebotelimab in the first-line treatment of patients with head and neck cancer after seven of the 62 participants died.

Now, MacroGenics is looking to funnel its resources toward its most innovative pipeline candidates.

“In an effort to prioritize our pipeline of product candidates and reduce our spending, we have previously announced the termination of multiple studies. Today, we are taking additional decisive action to extend our cash runway and put MacroGenics in a stronger position to execute on our prioritized programs,” said Scott Koenig, MacroGenics president and CEO.