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Lexicon Pharmaceuticals consolidates R&D operations
March 2009
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THE WOODLANDS, Texas—Biopharmaceutical firm Lexicon Pharmaceuticals Inc. announced in February that it will restructure its operations to conserve capital and direct resources towards its most advanced drug discovery and development programs in immunology, metabolism/cardiology and ophthalmology. Lexicon said it expects to reduce its expenses by approximately $8 million, net of severance costs, for the balance of 2009 and approximately $11 million on an annualized basis. The restructuring will also involve a workforce reduction of 102 employees, primarily in basic research, early-stage discovery and support positions, representing approximately 22 percent of its total workforce.

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