PRINCETON, N.J., May 30 -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it is implementing the next step in its ongoing effort to focus its resources on the company's clinical and later-stage discovery programs. This effort includes an immediate workforce reduction of approximately 15 percent through attrition and termination of positions as well as a decrease in other expenses through improved operational efficiencies and increased financial discipline. The company's annual operating expenditures are expected to decrease by at least $10 million in 2009.
Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company's website at http://www.pharmacopeia.com.