Targanta Cuts 75 Percent of Staff

Xconomy Boston — 

Cambridge, MA-based Targanta Therapeutics (NASDAQ: TARG) received a harsh blow last week as the FDA declined to approve it sole drug candidate, an antibiotic called oritavancin intended to treat antibiotic-resistant infections like MRSA. Today Targanta announced staff cutbacks intended to help the company conserve capital while it seeks approval for oritavancin in Europe and tries to get the drug back on track for approval in the United States. The company will reduce its workforce by 86 people, or about 75 percent, leaving it with only 27 employees. We have updated Xconomy’s Boston Tech Layoff Tracker with the latest numbers.