Please login to the form below

Not currently logged in
Email:
Password:

Neurogen job cuts

Neurogen Corporation announced on April 9 that it has cut jobs ahead of a company cost-cutting and restructuring programme that includes delays of planned drug trials
Neurogen Corporation announced on April 9 that it has cut jobs ahead of a company cost-cutting and restructuring programme that includes delays of planned drug trials.

Schizophrenia studies for Neurogen's main drug candidate, Adipiplon, have been delayed as part of the company's cost-cutting. The company's NASDAQ share price fell by 33 per cent to $1.48 during afternoon trade on April 9, according to Reuters.

The company has made 45 research and administrative employees redundant and has received financing of $30.6m for private placing offers of exchangeable preferred stock and warrants with selected institutional investors.  

Stephen Davis, president and chief executive officer (CEO) of Neurogen, said: "We are deeply grateful for the contributions of the talented employees whose positions are impacted by this refocusing, and we wish them every success in their future endeavours."

"This financing, together with our cash and marketable securities of $42.6m as of December 31, 2007 and the operational changes announced today, enable us to get to important clinical milestones in our insomnia, anxiety, Parkinson's disease and RLS (restless legs syndrome) programs in 2008," he added.

Neurogen, which is based in Branford, Connecticut, develops small-molecule drugs to treat patients afflicted with neurological ailments such as insomnia, anxiety and Parkinson's disease.

10th April 2008

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
infill healthcare communication

infill is a dynamic and innovative, international healthcare agency with >25 years' experience in delivering healthcare communication, medical education and...

Latest intelligence

women
Advancing women in healthcare
Fostering the next generation of leaders...
The Challenges Of UX In Healthcare: Technology To Change Lives
Blue Latitude Health Director and Head of Customer Experience Elisa Del Galdo explores the latest digital healthcare trends and reveals the innovations changing the sector today....
It’s all about patient outcomes… right?
Lessons from history: a design thinking perspective...

Infographics