Cancer drug developer Karyopharm Therapeutics is reducing its workforce and streamlining its clinical development plan, joining a list of nearly 100 other drugmakers to turn to layoffs in 2023.
Alongside second quarter earnings on Wednesday, Karyopharm announced plans to lay off about 20% of its staff, a decision that affects full-time employees as well as contractors. The company had 385 employees as of Feb. 10, according to a regulatory filing.
The cost cuts come amid a push by Karyopharm to broaden use of its only marketed medicine, Xpovio, and position the company for “sustained growth,” it said in a statement.
