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news.Arena Pharmaceuticals, a clinical-stage biopharmaceutical company, has announced that it plans to cut 130 employees, or approximately 31% of its US workforce.
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According to the company, the job cuts are expected to be completed by June 22, 2009.
Arena believes that job reduction is necessary to reduce its cash usage and provide the company with additional financial flexibility to support its expected filing of a new drug application, for lorcaserin, its drug candidate for weight management that is being investigated in a Phase III clinical trial program, by the end of 2009.
Arena expects to save approximately $25 million through the job cuts. The company also plans to continue to focus on the clinical development program for lorcaserin and on select earlier-stage R&D projects.