Thursday, September 18, 2008

Memory Pharma undergoes lobectomy

Memory Pharmaceuticals, the biopharmaceutical company focused on treatments for cognitive impairment, said Wednesday that it will cut more than half its workforce in an effort to reduce costs and direct its resources toward clinical development programs.

The cuts will be made "across all areas of the business," with half effective immediately and the remainder coming over the next six months, the company said in a statement. It has about 55 employees, according to financial Web sites.

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