Cara Therapeutics to Cut 70% of Workforce

Dow Jones06-19

By Josée Rose

Cara Therapeutics said it plans to cut about 70% of its workforce due to discontinuing one of its clinical programs.

The company on Tuesday said in a filing with the U.S. Securities and Exchange Commission that it expects to incur charges of around $2.6 million in connection with the job cuts, which are expected to be substantially recognized in the second and third quarters.

Last week, the commercial-stage biopharmaceutical company said it planned to discontinue its clinical program in notalgia paresthetica, after releasing data that showed oral difelikefalin failed to demonstrate a meaningful clinical benefit at any dose compared to placebo. "We will be winding down the Phase 2/3 clinical program in notalgia paresthetica and exploring strategic alternatives focused on maximizing shareholder value," Chief Executive Christopher Posner said on June 12.

Notalgia paresthetica is a chronic condition that causes a localized itch in the upper back.

Shares in Cara Therapeutics closed down 4.7% at 24 cents but rose in light trading after-market to 25 cents.

(END) Dow Jones Newswires

June 18, 2024 16:55 ET (20:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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