ACADIA Pharma (ACAD) to Cut Workforce by 50%
In a Form 8-K, ACADIA Pharma (Nasdaq: ACAD) announced that, in connection with its recent restructuring plans, the Company plans to reduce its total workforce by about 50% to 28 employees.
The Company expects to complete the workforce reduction by October 19, with the exception of a few employees helping to transition matters. The Company estimates that it will record charges of approximately $1.3 million during the fourth quarter of 2009 for employment termination costs payable in cash in connection with the workforce reduction.
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