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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

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