As part of its ongoing efforts to restructure and consolidate operations, Neurogen today announced it will be selling some of its non-core assets for $9 million. Four of its five buildings--including a reseach facility--will go for $6 million. The company has also promised its chemical library to an unnamed global pharmaceutical company for $3 million, according to the company's statement.
This is the latest in a string of cuts and cutbacks for the drug development company. In February, Neurogen slashed 70 jobs on the announcement that the company would narrow its focus around its clinical programs. And again in April, despite securing $30.6 million in a private placement, the company announced it would be laying off another 45 employees.
The troubled company has had a difficult year. Earlier this month, Neurogen reported 2008 third-quarter losses of $31.4 million with no revenue, a significant jump from the loss of $7.89 million on $7.5 million in sales it sustained in 2007's Q3.
- check out the Nuerogen release
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