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Endocyte to reduce workforce by 40%, close lung cancer drug trial

Endocyte Inc. will reduce its workforce by about 40% and close a trial of its lung cancer drug candidate EC1456.

The biopharmaceutical company will stop enrolling patients in the phase 1b trial for EC1456, a small molecule drug conjugate targeting folate receptors, due to insufficient supportive clinical activity to continue the study.

Endocyte, however, will continue enrolling patients in the EC1456 ovarian cancer study.

The company had 76 full-time employees as of Dec. 31, 2016. It expects one-time charges of about $2.4 million related to job cuts and closure of the EC1456 lung cancer trial.

As a result of the restructuring, the company is revising its guidance for 2017 and expects cash balance at the end of the year to be about $105 million, it said June 2.

The company's stock was down 31.1% to $1.88 as of 10:27 a.m. ET on June 2.