Lexicon is reorganizing and cutting staff as it pursues its aggressive strategy to build its pipeline. The cuts will allow Lexicon to devote its resources to its strategic, business, and clinical development initiatives. Lexicon didn't discuss numbers but said facilities in Texas and New Jersey would feel the brunt of the cuts. Lexicon expects the move to reduce its expenses by $4 million for the balance of 2008.
"This reorganization is a significant milestone in the process we began in early 2007 to transform ourselves into a biopharmaceutical company with a pipeline of innovative drug products that derive from our unique insights into the human genome,'' said CEO Arthur Sands. Lexicon's 10 to 10 program is an initiative with the goal of advancing 10 drug candidates into human clinical trials by 2010. He added, "This action will reduce operating expenses associated with our research and discovery efforts and allow us to deploy these resources into key clinical development areas, including our four programs currently in human clinical trials.''
- read the announcement from Lexicon