UPDATE 1-ARYx cuts jobs; sees deal in near term for heart drug

* Cuts 23 pct jobs

* Sees less than $0.5 mln charge in Q4

* Sees partner in near term for heart drug

* Sees resuming development of earlier-stage candidates Oct 29 (Reuters) - ARYx Therapeutics Inc ARYX.O cut 23 percent of its workforce in a bid to streamline operations, while it seeks a partner for its lead drug candidates.

The company, which sees a fourth-quarter charge of less than 500,000 related to the job cuts, also expects to resume development of its earlier-stage drug candidates. ARYx expects to find a partner on its anti-clotting drug tecarfarin and a bowel drug ATI-7505, once it clinches a deal for budiodarone -- a potential treatment for irregular heartbeat.

The company, which reduced its workforce to 56 employees from 73, expects to complete an out-licensing agreement in the near term for budiodarone.

The company recently secured a $35 million equity financing line to protect it from any uncertainties on the timing of partnership on budiodarone. Shares of the company closed at $2.30 Wednesday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore; Editing by Aradhana Aravindan)