Biotechnology company iTeos Therapeutics, based in Wallonia and listed on the US Nasdaq, has announced its decision to cease operations, putting around 133 jobs at risk at its site in Gosselies near Charleroi, according to Friday's report in L'Echo.
Specialising in cancer treatments, the company made this announcement following a "thorough evaluation of the pipeline, commercial prospects, and financial situation". As of the end of March, iTeos still had $624 million in cash reserves.
The company employs a total of 173 people, including 40 in Watertown in Massachusetts in the United States.
Earlier this month, iTeos suffered a significant setback due to two disappointing studies on cancer treatments, leading to the termination of its long-standing collaboration with British pharmaceutical giant GSK.
