Neurogen cuts 70 jobs in restructuring

Neurogen is slashing 70 jobs in a restructuring that will focus company assets around its clinical programs. The drug developer is focused on insomnia, Parkinson's disease, restless legs syndrome and pain. Neurogen announced Monday that its president, Stephen R. Davis, had been appointed chief executive officer at the biotechnology company.

"As our clinical portfolio advances, we must allocate our resources to facilitate this growth," said Davis. "Our insomnia program holds the potential for significant differentiation and increased value as we seek to expand on the clinical profile we have seen thus far, suggesting improved objective and subjective measures of efficacy over currently available insomnia drugs. Aplindore remains on track for the commencement of Phase 2 studies in both Parkinson's disease and Restless Legs Syndrome."

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