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news.Lexicon Pharmaceuticals, a biopharmaceutical company, has announced that it will reduce 102 jobs, primarily in basic research, early-stage discovery and support positions as a part of its restructuring program. The reduction represents 22% of its total workforce.
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Following these changes, Lexicon will focus its drug discovery efforts in core therapeutic areas, including immunology, metabolism/cardiology, and ophthalmology, from which it has obtained its multiple drug candidates in development.
Lexicon currently has two drug candidates in Phase II development, LX1031 for irritable bowel syndrome and LX1032 for carcinoid syndrome, and two drug candidates in Phase I trials, LX2931 for rheumatoid arthritis and LX4211 for diabetes. In addition, the company has a significant preclinical R&D pipeline, including LX7101 for glaucoma.
Lexicon expects to reduce its expenses by approximately $8 million, net of severance costs, for the balance of 2009 and approximately $11 million on an annualized basis.
Arthur Sands, president and CEO of Lexicon, said: We are grateful for the significant contributions and the dedication of the employees affected by this consolidation. However, these challenging economic times require us to further focus our financial and human resources on key drug discovery and development programs we can efficiently advance through clinical development towards commercialization.