MOR - MorphoSys ends pre-clinical research in favor of clinical-stage cancer programs

• MorphoSys AG ( NASDAQ: MOR ) ( OTCPK:MPSYF ) has decided to terminate its pre-clinical research programs in a bid to optimize its cost structure and focus on its mid- to late-stage cancer pipeline, the German biotech announced Thursday.
• “While the data from these pre-clinical programs are promising, MorphoSys would need to make substantial investments to bring these programs into the clinic,” the company said, adding it will explore other options for these programs.
• The move is expected to reduce about 17% of its staff at the company headquarters in Planegg, Germany.
• The decision to wind down pre-clinical programs and other measures implemented over the past year will allow the company to focus its resources on its mid- to late-stage oncology pipeline, MorphoSys ( MOR ) added.
• Read: Seeking Alpha contributor BiotechValley Insights issued a Hold rating on MorphoSys ( MOR ) in February, noting that the company lacked near-term catalysts.

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