Streamlining Genmab Cuts 100 Jobs, Drops Pivotal CTCL Drug

Ofatumumab BLA Expected by Year-End Gearing up for potential commercialization of its lead program, ofatumumab, in chronic lymphocytic leukemia next year - and taking into account the current economic environment - Danish antibody firm Genmab A/S is cutting roughly 15 percent of its work force and halting work on a Phase III program in cutaneous T-cell lymphoma. CEO Lisa Drakeman said the moves were necessary for Genmab as "our expenses have outpaced our growth" in recent years. To keep up with its hopes to gain marketing approval with ofatumumab in mid-2009, it faces a greater "need to establish a sustainable level of R&D activity," she told investors during a conference call. And the recent market woes have driven home that need and "added urgency" for the Copenhagen, Denmark-based company to complete a portfolio review and... [read full story]