Light Sciences Oncology Stumbles in Clinical Trial, Layoffs Loom
Summary
Light Sciences Oncology Stumbles in Clinical Trial, Layoffs Loom Xconomy Seattle — Light Sciences Oncology, the Bellevue, WA-based developer of an unusual drug/device combo treatment for cancer, has failed in a pivotal clinical trial and is preparing to make deep cuts, including layoffs, Xconomy has learned from sources familiar with the situation.The privately-held company has raised well over $130 million since its founding in 1995, from a big-name group of investors that includes Essex Woodlands Health Ventures, Johnson & Johnson Development Corporation, Novo A/S, Scandinavian Life Science Venture, and the late Microsoft treasurer Craig Watjen—who put more than $50 million of his own money into the company before he died a year ago from cancer.Bob Littauer, the company’s chief financial officer, declined to respond to requests for comment about the outcome of the trials or any subsequent corporate decisions.The company has spent all that time and money developing a drug/device combination therapy against solid tumors that aren’t treated well with conventional drugs that circulate through the body.While the company hasn’t released any results to the scientific community, it did say on its clinicalstrials.gov posting in June that it had reached the final date for collecting data on the trial of 200 patients who cancer is primarily based in the liver.