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Compugen Plans Reorganization, 25 Percent Reduction in Force

NEW YORK, Dec. 5 (GenomeWeb News) - Compugen said yesterday that it has begun a reorganization that will include a 25 percent cut in its workforce.

 

The company said in a statement that it is being reorganized into three units: a therapeutics unit, a diagnostic biomarkers unit, and a research and discovery unit.

 

Compugen said that the therapeutics arm's primary short-term focus is "the ongoing in vitro and in vivo validation of a large number of potential therapeutic proteins predicted by the company's initial discovery engines." This unit will be headed by Noam Shani, previously vice president of biology R&D.

 

The diagnostic biomarkers unit will be lead by Anat Cohen-Dayag, previously director of diagnostics within the biology R&D division, the company said, and will consolidate all of Compugen's activities in the field of diagnostic biomarkers.

 

The R&D unit was established to "provide new discoveries for evaluation by the therapeutic and diagnostic business units, as well as to be responsible for the creation of additional discovery engines and other platforms and technologies," Compugen said. This unit will be headed by Yossi Cohen, previously Director of Science and technology. 

 

In conjunction with the reorganization, Compugen said that it will eliminate certain activities deemed to not directly support its "corporate goals." As a result, the company's headcount will be reduced by about 25 percent, with an expected expenditure decrease of between $2 million to $3 million per year in 2006 and 2007, compared with 2005.

 

Company officials were not immediately available for comment.

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