Pharmacopeia (PCOP) to Cut 15% of Workforce
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Pharmacopeia (Nasdaq: PCOP) today announced 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% 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.
In Q208, 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, Inc., a biopharmaceutical company, engages in the discovery and development of therapeutics to address significant medical needs.
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