Synta Pharma (SNTA) Reports Q3 Loss of $0.13

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Synta Reports Third Quarter 2015 Financial Results

November 5, 2015 5:20 PM EST

Announces Reduction in Force, Appointment of Scott Morenstein to Board of Directors

LEXINGTON, Mass.--(BUSINESS WIRE)-- Synta Pharmaceuticals Corp. (NASDAQ: SNTA) today reported financial results for the third quarter ended September 30, 2015 and provided an update on its business strategy.

To align its resources with the Companys operational needs going forward, Synta announced today that it is reducing its workforce by approximately 60% to 33 full time employees. The Company estimates annual savings of at least $8 million in compensation-related costs as a result of the restructuring. Cash payments in connection with the... More