Foghorn Therapeutics Ends Lilly Cancer Drug Trials, Cuts 40% Workforce
Foghorn Therapeutics and Eli Lilly will discontinue joint development of their lead oncology candidate due to disappointing Phase 1 trial results. Foghorn will also reduce its workforce by approximately 40%. Foghorn shares fell 44% in premarket trading.
Foghorn Therapeutics and Eli Lilly will end development of their lead oncology candidate together and reduce about 40% of Foghorn’s workforce after disappointing phase 1 trial results. 00. The biotechnology company said the move follows the phase 1 data.