Cometriq cabozantinib: Phase III data

Based on the data, Exelixis will reduce headcount by 70%, or about 160, to about 70. The company declined to disclose how much it expects to save from the headcount reduction, but said it expects a restructuring charge of $6-$8 million. Exelixis had about $233.5 million in cash on June 30, and posted a 6-month operating loss of $126.7 million.

Exelixis also said it deprioritized development of Cometriq in metastatic CRPC and will now focus on the Phase III METEOR trial of Cometriq to treat metastatic renal cell carcinoma (RCC) and the Phase III CELESTIAL trial to treat hepatocellular carcinoma (HCC). With the headcount reduction, the company expects to have sufficient cash to fund operations through the release of top-line data from METEOR next year. The company also said it halted enrollment in the Phase III COMET-2 trial to treat CRPC in patients who suffer from moderate to severe bone pain despite optimized narcotic medication. Top-line data are expected before year end. Exelixis said it will discuss with regulatory authorities the potential regulatory path, if any, for Cometriq in CRPC. ...