Pharmacopeia cuts 15% of workforce

In an effort to streamline its business and save cash, Pharmacopeia is laying off 15 percent of its workforce and decreasing "other expenses through improved operational efficiencies and increased financial discipline." The layoffs are part of the company's ongoing effort to focus resources on clinical and later-stage discovery programs.

Earlier this month Pharmacopeia announced positive trial results for PS433540, a hypertension drug. In a statement, interim CEO Joseph Mollica said it was the right time to put more resources towards the drug development. "In order to maximize shareholder value it is essential that we focus our efforts on the programs that can provide the greatest return," noted Mollica. The company is also testing PS433540 as a kidney disease treatment. Pharmacopeia expects the layoffs and other cost reduction efforts to save $10 million in 2009.

- see Pharmacopeia's release