As the company continues to improve its operational flexibility and strengthen its balance sheet, it has a number of significant opportunities to generate cash including a partnership for PS433540, the continued success of its discovery efforts on behalf of partners, future development milestones and potential royalties for the several clinical candidates discovered by Pharmacopeia that are being advanced by partners such as Schering-Plough and Bristol-Myers Squibb and, when appropriate, accessing the capital markets.
In the second quarter of 2008, Pharmacopeia expects to record a charge of approximately $800,000 in connection with the severance provided to employees directly affected by the reduction in staffing.
Pharmacopeia is a clinical development stage biopharmaceutical company
dedicated to discovering and developing novel small molecule therapeutics
to address significant medical needs. The company has a broad portfolio of
clinical and preclinical candidates under development internally or by
partners including eight clinical compounds in Phase 2 or Phase 1
development addressing multiple indications including hypertension,
diabetic nephropathy, muscle wasting, inflammation and respiratory disease.
The company is leveraging its fully integrated drug discovery platform to
sustain the growth of its development pipeline. Pharmacopeia has
established strategic alliances with major pharmaceutical and biotechnology
companies, including Bristol-Myers Squibb, Celgene, Cephalon,
GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more
information please visit the company's website at
Amy P. Sharpless
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