Metabasis to cut workforce by 43%
US Metabasis Therapeutics is to reduce its workforce by around 43%, or 38 employees. As part of the restructuring, the firm will focus on its product candidates, MB07811 for the treatment of hyperlipidemia and MB07803 for type 2 diabetes, as well as on advancing its glucagon antagonist program. Estimated charges of around $1.4 million will be recorded in the first quarter for termination costs, including severance and other benefits. The company says that it will provide additional details on the longer-term financial benefits of these changes when it reports its full-year 2008 results.
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