UPDATE 1-TorreyPines to cut 50 pct jobs
(Recasts, adds details)
Sept 25 (Reuters) - TorreyPines Therapeutics Inc TPTX.O said it will shut down its discovery operations and reduce its work force by about 50 percent on Sept 30, to focus on its three clinical development programs.
The biopharmaceutical company has two drug discovery programs -- a gamma-secretase modulator program and an Alzheimer's disease genetics program, according to the company's website.
The Alzheimer's disease genetics program was in collaboration with Japan's Eisai Co Ltd (4523.T).
TorreyPines said it will retain 13 employees supporting its preclinical, clinical, business development, and administrative activities.
The company said it will meet the U.S. Food and Drug Administration on Sept. 29 to discuss the late-stage program for its migraine drug candidate tezampanel.
TorreyPines also plans to complete an early-stage trial of NGX426, the oral version of tezampanel, and a mid-stage trial of NGX267, a potential treatment for dry mouth.
The company said it would continue to seek a development partner for the three clinical compounds, tezampanel, NGX426 and NGX267.
TorreyPines said it expects to cut its spending going forward as a result of this restructuring, but did not provide any other details.
Shares of the company closed at 48 cents Wednesday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy)
