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Genocea Biosciences, Inc. stock price
Genocea Biosciences, Inc. latest news:
Genocea shares nearly halved on shift in drug development, layoffs
Genocea Biosciences Inc. shares plummeted late Monday after the tiny Cambridge, Mass.-based biotech said it was shifting its drug development focus and cutting staff by 40%. Genocea shares dropped 49% to $2.72 after hours, following a brief halt. The company said it was halting spending and activities on its genital herpes treatment GEN-003, which was in late-stage clinical trials, and "exploring strategic alternatives" for the drug. Genocea said it was shifting its focus to cancer vaccines like GEN-009, which the company hopes to have in early-stage clinical trials in the first half of 2018. After the job cuts, which are expected to cost $1.1 million, Genocea expects to have about 55 employees.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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