CALA - Calithera sinks as telaglenastat fails in kidney cancer study; lowers headcount

Calithera Biosciences (CALA) plunges 35% in premarket in reaction to topline results from the CANTATA Phase 2 study evaluating its glutaminase inhibitor telaglenastat in combination with cabozantinib, in patients with advanced or metastatic renal cell carcinoma.The study failed to achieve the primary endpoint of improved progression free survival ((PFS)), as compared to cabozantinib alone.Median PFS in telaglenastat + cabozantinib arm was 9.2 months vs. 9.3 months with cabozantinib and placebo. The frequency and severity of adverse events in the telaglenastat-treated population were comparable to that of cabozantinib alone.Based on the above trial results, the company will cut its workforce by ~35% to allow the company to focus on ongoing programs. Sees one-time severance-related charge associated with the job cuts of ~$1.3M - $1.5M.Year end cash, cash equivalents and investments is expected to be ~$115M, which management believes will be sufficient to meet its current operating plan through 2022.Development of telaglenastat in KEAPSAKE trial in non-small

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Calithera sinks as telaglenastat fails in kidney cancer study; lowers headcount