Lexicon Pharmaceuticals Inc. is cutting more employees in yet another restructuring of its operations.
The Woodlands-based company said this week that 102 employees — 22 percent of its current work force — will get pink slips. The job cuts are primarily in basic research and early-stage discovery and support, the company said.
The latest reorganization is intended to conserve capital and direct resources towards the company’s most advanced operations, Lexicon said, adding that it expects to reduce its expenses by $8 million after severance costs for the balance of 2009 and $11 million on an annualized basis.
As of Sept. 30, 2008, Lexicon had $177.3 million in cash and investments.
In January 2008 Lexicon let go 133 employees, followed by a further 100 in May. In the last round of layoffs several top level executives, including the chief financial officer, left the company.
Lexicon said it plans to focus its drug discovery efforts in core therapeutic areas, including immunology, metabolism/cardiology and ophthalmology, areas in which it has multiple drug candidates in development.
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