ALSO NOTED: Dendreon shares jump on investment deal; Iomai in pact with Merck; Foundation antes millions for MS leads; and much

> Schering-Plough has proven quick on the layoff trigger. The company announced a plan to cut costs by $1.5 billion by 2012 in the wake of the latest round of Vytorin controversy. Roughly 5,500 employees will lose their jobs, or about 10 percent of the company's workforce. Report

> Shares of Dendreon jumped seven percent on the news that an institutional investor will buy up 47 million in shares and warrants. That money is earmarked for Dendreon's prostate cancer drug Provenge and other drug candidates in its pipeline. Release

> Iomai has forged a deal with Merck to conduct proof-of-principle preclinical studies evaluating the use of the Iomai needle-free immunostimulant patch. Merck has first option to negotiate an exclusive license. These preclinical proof-of-principle studies will be conducted using an undisclosed Merck vaccine. Release

> The Myelin Repair Foundation has spent $10 million so far to identify 18 new drug leads for multiple sclerosis. Report

> Chutes & Ladders: Akers Biosciences has promoted Robert J. Paratore to chief financial officer. Report

> Two lawmakers asked the FDA yesterday to mandate that all TV ads for prescription drugs include contact info for patients to report serious side effects to the agency. The impetus? A Consumer Reports poll that showed 16 percent of respondents had a side effect serious enough to send them to the doctor or hospital--but 35 percent of respondents didn't know they could report side effects to the FDA. Report

> The U.K.'s National Health Service is spending around $3.9 billion annually to treat patients for adverse reactions to prescription drugs. Report

And Finally... A professor at the California Institute of Technology is walking away with the $1 million Gotham Prize for an original approach to killing cancer cells. Report