Neurocrine has announced that it is laying off more than half of its workforce following yesterday's approvable letter [1] from the FDA for the sleep drug indiplon. A total of 130 workers at Neurocrine's San Diego location will be let go, leaving the company with 120 employees. The move is part of a restructuring plan designed to save money and focus the company's activities around R&D.
Neurocrine's stock plummeted 45 percent after the FDA said that it would need additional data on its sleep therapy indiplon before it can be approved. The company is preparing a formal meeting request to the FDA to discuss the approvable letter.
- see Neurocrine's release [2] for more
Related Articles:
FDA hands Neurocrine approvable letter. Report [1]
Neurocrine shares sink on news of indiplon delay. Report [3]
FDA wants more data on Neurocrine's indiplon. Report [4]
Deep cuts reported at Neurocrine, Valentis. Report [5]
Struggling to save cash, Neurocrine axes sales force. Report [6]
Links:
[1] http://www.fiercebiotech.com/story/fda-hands-neurocrine-approvable-letter/2007-12-13
[2] http://www.fiercebiotech.com/press-releases/neurocrine-announces-work-force-restructuring
[3] http://www.fiercebiotech.com/story/neurocrine-shares-sink-on-news-of-indiplon-delay/2006-11-03
[4] http://www.fiercebiotech.com/story/fda-wants-more-data-on-neurocrine-s-indiplon/2006-09-05
[5] http://www.fiercebiotech.com/story/deep-cuts-reported-at-neurocrine-valentis/2006-08-08
[6] http://www.fiercebiotech.com/story/struggling-to-save-cash-neurocrine-axes-sales-force/2006-07-28