TorreyPines repositions as development firm focusing on three lead compounds

California, USA-based TorreyPines Therapeutics says that it will transition from a discovery and development company to a development-only enterprise, focusing on its three clinical development programs. As a result, the firm will streamline operations through the shutdown of its discovery operations, and seek to monetize non-core assets through the expansion of its business development efforts. Effective September 30, the company will reduce its work force by around 50%, primarily in the area of discovery. As a result of this restructuring, it expects to decrease its spending going forward. The firm will retain 13 people supporting preclinical, clinical, business development and administrative activities.