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Stock Market & Financial Investment News

News Breaks
January 24, 2013
11:50 EDTEXELExelixis announces availability of COMETRIQ in the U.S.
Exelixis announced the commercial availability of COMETRIQ for the treatment of patients with progressive, metastatic medullary thyroid cancer. The U.S. FDA approved COMETRIQ on November 29, 2012. COMETRIQ is being distributed exclusively through Diplomat Specialty Pharmacy in the U.S.
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September 1, 2014
18:19 EDTEXELExelixis announces 70% workforce reduction after trial failure
Exelixis said that as a result of the outcome of COMET-1, it will initiate a "significant" workforce reduction to enable the company to focus its financial resources on the late-stage clinical trials of cabozantinib in metastatic renal cell carcinoma and advanced hepatocellular carcinoma. The company will reduce its workforce by approximately 70%, or approximately 160 employees, resulting in approximately 70 remaining employees. Exelixis anticipates the one-time restructuring charge associated with the workforce reduction to be approximately $6M-$8M, with the majority to be completed by the end of Q4. As a result of this and other cost-saving measures contemplated, the company anticipates that it has sufficient cash to support its operations through the release of top-line results of the METEOR trial next year.
18:17 EDTEXELExelixis says COMET-1 phase 3 trial did not meet endpoint
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