Glycomed Inc. news

The Alameda, Calif., company announced that it would restructure to focus on the discovery and development of small molecule drugs, with an emphasis on cell adhesion inhibitors, as well as other carbohydrate-based molecules to treat inflammatory diseases and cancer.

The company reduced its staff by 30 percent, to 71 employees from 101. With $63 million in cash, the company expects the moves to cut its burn rate by $9 million, to about $10 million, which it hopes to reduce further through corporate collaborations. However, beginning in 1996, an additional $3.75 million a year will go to debt service on its $50 million convertible debentures due 2003. ...