TorreyPines Therapeutics says it will axe half of its remaining staff and drop its discovery work as it concentrates all of its efforts on three development programs. The layoffs will leave 13 employees supporting preclinical, clinical, business development, and administrative activities.
One of the top priorities at TorreyPines now is finding a partner for its three clinical stage compounds: tezampanel, NGX426 and NGX267. Also left to do: an end of Phase II FDA meeting regarding tezampanel in acute migraine headache; completing an ongoing Phase I single dose trial to evaluate the analgesic effect of NGX426; completing an ongoing Phase II trial of NGX267 in xerostomia, or dry mouth, secondary to Sjogren's syndrome.
This isn't the first time that TorreyPines has made layoffs and vowed to focus on development work. The biotech announced that it would cut staff and spotlight its three programs last February as well.
- here's the TorreyPines release