Jan 22 (Reuters) - Biopharmaceutical company Lexicon Pharmaceuticals Inc (LXRX.O) said it will cut about 102 jobs, or about 22 percent of its workforce, to conserve capital and focus on the development of its most advanced drug development programs.
The job cuts would primarily be in basic research, early-stage discovery and support positions, the company said in a statement.
Lexicon expects to reduce its expenses by about $8 million, net of severance costs, for the balance of 2009 and about $11 million on an annualized basis.
As of Sept. 30, 2008, the company had $177.3 million in cash and investments.
Lexicon currently has two drug candidates in mid-stage development, LX1031 for irritable bowel syndrome and LX1032 for carcinoid syndrome.
Shares of the company closed at $1.20 Thursday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Aradhana Aravindan)