Progenics slashes staff, closes facility and narrows focus in latest restructuring

The Tarrytown, NY-based Progenics Pharmaceuticals outlined plans to cut 38 staffers--about a quarter of its staff--and narrow its discovery focus to oncology as it pares back the burn rate. The biotech also plans to close its cGMP manufacturing facility. CEO Mark Baker, who joined the troubled biotech earlier this year, billed the moves as a strategic effort aimed at making the company leaner,...