OncoMed to lay off half of its staff

OncoMed Pharmaceuticals Inc. late Monday announced it will reduce half of its workforce in a bid to cut costs. That will leave the company with 64 employees, but it will have sufficient funds to operate until third quarter 2019, according to the company. OncoMed expects severance-related charges of $2.6 million. Shares of OncoMed were flat in late trading after closing up 1.1% to $3.77 a share.

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