Layoffs, Economy, Life Sciences

Neurocrine Cuts Half of Workforce

Bruce V. Bigelow 5/5/09

San Diego’s Neurocrine Biosciences (NASDAQ: NBIX) said today it’s eliminating approximately 60 employees, or half its workforce, to focus on developing its lead drug candidates and other “high value assets.” The biopharmaceutical’s is developing elagolix to treat endometriosis, which causes pelvic pain in women, and other compounds for potential use treating neurological and endocrine diseases and disorders. In its first-quarter financial results, Neurocrine said it had available cash of $101 million.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492