TorreyPines Therapeutics has gone virtual.
After two earlier restructurings over the past year, the developer announced that it will eliminate all remaining jobs at the company, with the exception of CEO Evelyn Graham, CFO Craig Johnson and Vice President and General Counsel Paul Schneider. They'll be left to ponder TorreyPines' remaining strategic alternatives, which include selling the company.
"While the workforce reduction is a difficult step, we believe it is appropriate at this time in order to provide us with the best opportunity to complete a strategic transaction," said Graham in a statement. Company auditors expressed their concerns about the developer's chances of survival on March 27 after TorreyPines posted $6.1 million in revenue last year and a net loss of $22.8 million.
TorreyPines took out the axe at least twice last year, vowing to concentrate its focus on three remaining programs and monetize assets. The goals remained the same, but the number of workers steadily diminished. The company got started as Neurogenetics back in 2000.
- check out TorryePines' release for more