August 27, 2008 / 9:11 PM / 11 years ago

UPDATE 1-Replidyne to restructure ops, cut 80 pct jobs

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Aug 27 (Reuters) - Drug developer Replidyne Inc RDYN.O said it will restructure its operations, reduce its headcount by about 80 percent to 5 employees and take a charge of $3.1 million.

The company will limit its activities to completing its review of strategic alternatives, it said in a statement.

Replidyne will also suspend further development of its investigational agent to treat clostridium difficile bacteria and C. difficile infection, and anti-infective compounds based on its DNA replication inhibition technology.

The company is looking at various options, including a merger or acquisition of the company together with the possible sale of its C. difficile and DNA replication inhibition programs.

As of July 31, the company had $60.7 million in cash and cash equivalents and current liabilities of $10.2 million.

In June, the biopharmaceutical company, which discontinued clinical development of antibiotic faropenem to conserve cash, said it was unable to secure a partner to develop the drug.

Shares of the company closed flat at $1.22 Wednesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Gopakumar Warrier)

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