Tocagen announced a restructuring, which includes laying off approximately 55 employees, to focus its resources on the clinical development of Toca 511 and Toca FC.
Tocagen will reduce its workforce by approximately 65%, resulting in an estimated 30 remaining full-time employees by the end of the year. The company plans to provide financial guidance in the fourth quarter of 2019.
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"We have an extraordinary team at Tocagen, which makes this an extremely difficult decision, and we are deeply grateful for the contributions that all of our employees have made to the advancement of our founding vision that No One Should Die of Cancer," said Marty Duvall, chief executive officer of Tocagen. "With the extended cash position from this restructuring, our immediate priorities are to complete the analysis of the Toca 5 trial data, present the results thereof at the upcoming Society for Neuro-Oncology Annual Meeting in November 2019, and interact with the regulatory agencies to determine potential next steps for Toca 511 & Toca FC in recurrent high grade glioma."