ONCR - Oncorus could file for bankruptcy as most employees laid off; down 43%
2023-06-02 12:22:40 ET
- Oncorus ( NASDAQ: ONCR ) said that it may have to seek bankruptcy protection as the biopharma lays off almost its entire staff.
- Shares are down ~43% in Friday trading.
- Included in the layoffs are the company's CEO, COO, and CMO. Its interim CFO is staying on.
- The workforce reduction of 55 employees is expected to finish by August.
- Oncorus ( ONCR ) said that its existing cash and projected cash flows will not be sufficient to meet operational needs beyond Q3.
- "The Company continues to assess all available strategic options to maximize value for all of its stakeholders, including, but not limited to, an acquisition, merger, reverse merger, divestiture of assets, licensing, or other strategic transactions," Oncorus ( ONCR ) said in a statement .
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Oncorus could file for bankruptcy as most employees laid off; down 43%