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.
Pharmacopeia plans to begin a Phase II trial of PS433540, focusing on the indication of diabetic nephropathy. The company is also considering opportunities to partner the development of PS433540 for various indications and is evaluating various strategic initiatives intended to further the development of the company's business and enhance shareholder value.
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