Monday, July 18, 2011

Sleep drug rejection leads Transcept to cut jobs

Transcept Pharmaceuticals Inc. , whose middle-of-the-night sleep drug was rejected by regulators last week for a second time, said late Friday that it would lay off 45 percent of its workforce.
The Richmond company (NASDAQ: TSPT) didn’t say exactly how many employees would lose their jobs, but based on previous headcounts reported by Transcept, about 14 people will lose their jobs from a workforce of 31.

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