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Genome Therapeutics Lays Off 34; Deepest Cuts in Early R&D

This story has been corrected from an earlier version that misstated the current number of Genome Therapeutics employees.

 

NEW YORK, Sept. 25 - Genome Therapeutics will lay off 34 of its staffers in an effort to rein in costs, the company said today. Staff will be culled from early stage R&D and from administrative support, leaving the company with 165 employees.

 

The move, which is expected to save Genome Therapeutics about $6 million a year, will not affect any of the revenue-producing early-research partnerhips the company has with pharma, according to a company official.

 

The cuts will instead focus on target-discovery research, sparing Genome Therapeutics' later-stage clinical-research and drug-development efforts.

 

Genome Therapeutics has a multi-year research alliance with Schering Plough to identify and characterize genes related to asthma. That partnership, scheduled to conclude at the end of 2002, brought the company $33 million through Sept. 29, 2001.

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