Neurocrine cuts workforce--again

Neurocrine has announced that it is laying off more than half of its workforce following yesterday's approvable letter from the FDA for the sleep drug indiplon. A total of 130 workers at Neurocrine's San Diego location will be let go, leaving the company with 120 employees. The move is part of a restructuring plan designed to save money and focus the company's activities around R&D.

Neurocrine's stock plummeted 45 percent after the FDA said that it would need additional data on its sleep therapy indiplon before it can be approved. The company is preparing a formal meeting request to the FDA to discuss the approvable letter.

- see Neurocrine's release for more