BioCentury
ARTICLE | Finance

Ebb & Flow

August 24, 2009 7:00 AM UTC

Having granted U.S. marketing rights to Intermezzo zolpidem to Purdue Pharma L.P. earlier this month, Transcept Pharmaceuticals Inc. (NASDAQ:TSPT) last week said it would cut the staff made superfluous by the deal.

It will trim employees by 12 (32%) to 25, mainly from the staff that was responsible for clinical development, sales and marketing and manufacturing of Intermezzo, according to President and CEO Glenn Oclassen. The move will cut Transcept's annualized expenses by about $1.5 million. The company will take a restructuring charge of about $525,000 this quarter...