Exelixis to cut jobs after prostate cancer drug fails late-stage study

September 2, 2014 12:10 AM

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Sept 1 (Reuters) - Cancer drug developer Exelixis Inc said on Monday it would cut about 70 percent of its workforce after its experimental prostate cancer drug cabozantinib failed a late-stage study.

The drug did not show a statistically significant increase in overall survival in men treated with cabozantinib as compared with prednisone, the company said.

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