Flex Pharma Axes 60% of Workforce, Explores Sale after Halting Phase II Trials in ALS, CMT

Flex Pharma lost two-thirds of its market capitalization after saying today it will eliminate approximately 60% of its workforce—about a dozen staffers—explore a possible sale of the company among strategic alternatives, and terminate Phase II clinical trials of its lead candidate FLX-787 in amyotrophic lateral sclerosis (ALS) and Charcot-Marie-Tooth (CMT).Investors responded to the company’s news this morning with a selloff that sent Flex Pharma’s share price plunging 66