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news.Lexicon Pharmaceuticals has announced that it is implementing a reorganization designed to reduce costs and increase efficiencies in its research and discovery operations.
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This action will further focus the company’s resources on its strategic, business and clinical development initiatives. The cost reductions associated with the reorganization will enable the company to continue to invest appropriately in the development of its expanding pipeline of drug candidates, while maintaining a productive and robust drug discovery operation.
As part of the reorganization, Lexicon is reducing its workforce at the company’s facilities in Texas and New Jersey. Lexicon expects the move to reduce its expenses by approximately $4 million, net of severance costs, for the balance of 2008 and approximately $10 million on an annualized basis. Lexicon will conclude the reorganization by early summer with a prioritization initiative of drug targets designed to further streamline its process of moving new drug candidates from discovery to human clinical testing.
Arthur Sands, president and CEO of Lexicon, said: “This action will reduce operating expenses associated with our research and discovery efforts and allow us to deploy these resources into key clinical development areas, including our four programs currently in human clinical trials.”