Oscient cuts 32% of staff to stave off funding crisis

The USA's Oscient Pharmaceuticals has begun a strategic restructuring to preserve its financial resources while reviewing strategic options,  including the potential sale of the company.

The firm will implement a workforce reduction of approximately 32% of  its 305 employees, which will reduce current annualized payroll expenses  by around $8.0 million. However, Oscient expects to record a  restructuring charge of about $2.0 million in the first quarter of 2009,  primarily representing cash payments for severance expenses. Additional  details may be provided when 2008 financial results are announced in  March.