Tapestry expects savings from this downsizing, and other cost saving measures, to total approximately $7.4 million through the end of 2006; however about 14 people, or 30% of its workforce, are expected to lose their jobs. The company also reports that there will be a one-time cost of approximately $270,000 to implement this downsizing.
“We expect this focusing of the company to direct the majority of our resources to our lead clinical programs. All other programs will be scaled back to accomplish this goal,” commented Leonard Shaykin, chairman and CEO of Tapestry Pharmaceuticals.
“With respect to TPI 287, patient recruitment is on schedule. We are pleased with the compound’s performance to date. We expect to initiate a second phase I clinical trial for TPI 287, on an alternative dosing regimen before the end of the year and to initiate our first phase II clinical study around mid-year 2006.”