{"id":402,"date":"2010-08-04T14:11:14","date_gmt":"2010-08-04T18:11:14","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=402"},"modified":"2010-08-04T14:11:14","modified_gmt":"2010-08-04T18:11:14","slug":"cypress-bioscience-to-cut-business-lines-slash-workforce","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=402","title":{"rendered":"Cypress Bioscience to Cut Business Lines, Slash Workforce"},"content":{"rendered":"<p>Cypress Bioscience in San Diego, California announced today <a href=\"http:\/\/www.cypressbio.com\/news\/20100804.pdf\">several cost-cutting measures<\/a> including a sharp reduction in staff. The steps announced will end a co-promotion agreement with Forest Laboratories, and close the company&#8217;s personalized testing services.<\/p>\n<p>The drug development company discontinued an agreement with Forest Laboratories to co-promote Savella, its drug for fibromyalgia, a disorder causing pain in joints, muscles and other soft tissues. However, Cypress Bioscience will receive a $2 million payment from Forest Laboratories, and left open the possibility of future joint ventures.<\/p>\n<p>The company will also discontinue or sell its personalized testing services in the field of rheumatology that provide physicians with information to help manage and optimize their patients&#8217; care. Cypress Biosciences expects to cut its operating costs by about $10 million as a result, but expects to take $4.5 million in charges as well.<\/p>\n<p>This restructuring will mean a staff reduction of 123 Cypress Bioscience employees, or 86 percent of its workforce.\u00a0 The layoff will take effect on 6 October 2010.<\/p>\n<p>Hat tip: <a href=\"http:\/\/www.fiercebiotech.com\/story\/cypress-bio-slashes-staff-and-dumps-co-promo-deal\/2010-08-04?utm_medium=rss&amp;utm_source=rss \">Fierce Biotech<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cypress Bioscience in San Diego, California announced today several cost-cutting measures including a sharp reduction in staff. The steps announced will end a co-promotion agreement with Forest Laboratories, and close the company&#8217;s personalized testing services. The drug development company discontinued an agreement with Forest Laboratories to co-promote Savella, its drug for fibromyalgia, a disorder causing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,6],"tags":[70,27],"class_list":["post-402","post","type-post","status-publish","format-standard","hentry","category-business","category-hiringlayoffs","tag-layoffs","tag-pharmaceuticals"],"_links":{"self":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=402"}],"version-history":[{"count":4,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions"}],"predecessor-version":[{"id":406,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions\/406"}],"wp:attachment":[{"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewslit.com\/sciencebusiness\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}