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Biotech / Medical : Biotech Restructurings

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From: tuck	5/30/2008 11:02:26 AM
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Pharmacopeia (PCOP) 15% >>Pharmacopeia to cut 15 percent of work force Friday May 30, 8:00 am ET Pharmacopeia to cut 15 percent of work force; expects $10 million in savings in 2009 PRINCETON, N.J. (AP) -- Biopharmaceutical company Pharmacopeia Inc. said Friday it will cut its work force by 15 percent in an effort to focus resources on its clinical and later-stage programs. The layoffs, as well as other cost-cutting initiatives, are expected to reduce annual expenditures by at least $10 million in 2009. The company said it will focus efforts on its lead mid-stage candidate to treat high blood pressure and diabetic kidney disease, PS433540, and earlier stage drugs to treat muscle wasting, rheumatoid arthritis and psoriasis. Pharmacopeia expects to take an $800,000 charge in the second quarter related to employee severance.<< Cheers, Tuck

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