Pharmacopeia axes staff in second round of cuts

In its second big round of cuts in three months, Pharmacopeia says it is axing 40 percent of its staffers. That amounts to 64 workers, according to the Star-Ledger. Last May, the developer axed 15 percent of its staff.

Pharmacopeia says it will begin a Phase II clinical trial for PS433540, focusing on the indication of diabetic nephropathy. "The company is also considering opportunities to partner the development of PS433540 for various indications and is evaluating various strategic initiatives intended to further the development of the company's business and enhance shareholder value," according to a statement

PS433540 delivered promising data in a mid-stage trial last May, demonstrating its ability to reduce blood pressure in patients with mild to moderate hypertension. Seven more therapies are in the clinic, and some have been partnered with Schering-Plough and Bristol-Myers Squibb.

- read Pharmacopeia'a release