More Biotech Firms Announce Job Cuts

Citing the difficult economic climate, three small drug companies are making significant job cuts. Lexicon Pharmaceuticals will lay off 102 employees, about 22% of its workforce, as it concentrates resources on its most advanced programs. Most of the employees are in basic research and early-phase discovery. Altus Pharmaceuticals will discontinue development of the cystic fibrosis treatment Trizytek and cut its workforce by 75%, leaving 35 employees. Rights to the drug will transfer to Cystic Fibrosis Foundation Therapeutics. And Intercytex will cut about half of its 76 employees. The British firm says completion of Phase III trials for the wound treatment drug Cyzact means it needs fewer workers.