PRINCETON, N.J., May 30 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it is implementing the next step in its ongoing effort to focus its resources on the company's clinical and later-stage discovery programs. This effort includes an immediate workforce reduction of approximately 15 percent through attrition and termination of positions as well as a decrease in other expenses through improved operational efficiencies and increased financial discipline. The company's annual operating expenditures are expected to decrease by at least $10 million in 2009.
"We believe that, with the recent announcement of our positive Phase 2a results for PS433540 (DARA), it is the appropriate time to continue executing our plan to allocate a greater share of our resources towards our later-stage programs," said Joseph A. Mollica, Ph.D., Chairman of the Board of Directors and Interim President and Chief Executive Officer of Pharmacopeia. "We are grateful for the contributions of the highly talented individuals whose positions are impacted by these decisions and wish them success in their future endeavors."
"In order to maximize shareholder value it is essential that we focus
our efforts on the programs that can provide the greatest return. In
addition to PS433540, these programs include: PS178990, our Selective
Androgen Receptor Modulator (SARM) which we believe will progress into
Phase 2 testing in the first half of 2009; PS031291, our oral CCR1
development candidate for which we intend to initiate clinical development
for the treatment of rheumatoid arthritis in early 2009; and our JAK3
program for the topical treatment of psoriasis which we expect to enter
preclinical development in 2009. Discovery research remains a core strength
of Pharmacopeia and will be increasingly focused on the discovery and
advancement of clinical candidates that we can indep
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