Pharmacopeia cuts workforce 40%
Pharmacopeia plans to cut its workforce by 40% through termination of positions. In May, the US drugmaker reduced its workforce by 15% through attrition and redundancies. With these two reductions, the company will have cut its workforce in excess of 50% from previous levels. The company will continue to fulfill its contractual commitments to its corporate partners.
As a result of its reductions in operating expenditures, Pharmacopeia expects the cash burn for the quarter ending December 31, 2008, to be about $10.0 million, exclusive of severance-related costs. The company expects its quarterly burn to be less than $10.0 million in 2009.
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