Telik is joining the ranks of biotech survivalists. It's cutting 43 jobs and reorganizing its work to focus on its late-stage drug prospects. The 44 percent workforce reduction is eliminating jobs concentrated in early-stage research work. The developer, which is focused on oncology and inflammation, will take a $900,000 charge for severance pay.
Oscient Pharmaceuticals, meanwhile, says it will cut 100 employees in a restructuring. Most of the cuts are taking place in the company's sales force.
"During this period of economic uncertainty, the pharmaceutical industry has experienced a slowing in the growth of branded pharmaceutical products, a trend which began in 2008," said Chief Executive Steven Rauscher. "Even with recent steps to extend debt maturities and reduce the company's overall indebtedness by more than $125 million, we believe it is necessary and prudent to take the additional steps announced today."
- view the Telik release
- check out the Oscient release
- read the report from the San Jose Business Journal on Telik
- read the AP report on Oscient