Flex downsizing on troubles with sole clinical program

Flex Pharma Inc. (NASDAQ:FLKS) said it is cutting headcount by about 60% after discovering its sole clinical program, FLX-787, will require additional work that stretch beyond the biotech's current means. Flex said it will evaluate strategic alternatives, including a sale.

Flex found that a subset of patients in two Phase II trials could not tolerate oral FLX-787 at 30 mg. It said the signal indicates that additional formulation and dose-ranging studies are required, "which is challenging for the company based upon our current resources.” Flex is ending both trials, which were evaluating FLX-787 to treat amyotrophic lateral sclerosis (ALS) and Charcot-Marie-Tooth (CMT) disease, respectively, and suspending a third program of FLX-787 to treat multiple sclerosis. ...