San Diego-based Neurocrine Biosciences is joining the ranks of biotech survivalists, chopping half of its 120 staffers so it can continue to advance "high value assets."
"We will maintain our efforts on elagolix, move our VMAT2 program into the clinic, and focus on the other high value assets," said CEO Kevin C. Gorman after praising the 60 staffers who are losing their jobs. "We continue to conservatively manage our cash resources while advancing our pipeline."
At the end of March, Neurocrine reported that it had $101 million in cash and investments on hand. Its net loss for the first quarter hit $19.7 million, compared to $21.1 million for the same period in 2008.
"We continue to move our GnRH program forward with the most recent twelve month data from our 603 study showing that elagolix had no deleterious impact on bone mineral density. To date we have successfully treated approximately 700 subjects with elagolix, and continue to build value in this franchise through our ongoing development efforts," said Gorman.
- check out Neurocrine's release
- and read this release on first quarter results