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Article: Texas Biotechnology Implements Restructuring Plan; Focuses Resources On Late-Stage Clinical Compounds and Most Promising Drug Discovery Programs.
- Article from:
- PR Newswire
- Article date:
- January 7, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Texas Biotechnology Corporation announced today that it has implemented a restructuring plan to reduce its annual fixed operating expenses by approximately $6 million as compared to the 2002 operating plan and focus its resources on its most advanced clinical compounds, sitaxsentan and bimosiamose and its most promising drug discovery programs. The Company has reduced its headcount by approximately 29%, or a total of 36 employees/open positions, primarily in the areas of basic exploratory biology, early stage target identification and support functions.
Near-term, Texas Biotechnology will focus resources on:
-- Phase III development and commercialization of ...