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Cytokinetics cuts work force, ends cancer research

September 17, 2008
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The Associated Press reports that Biotechnology company Cytokinetics Inc. has announced it will slash its work force by 29 percent and end research activities on potential cancer treatments as part of a reorganization. The company plans on focusing its research and development on muscle biology programs, while finishing the midstage study program on its lead drug candidate CK-1827452, aimed at treating heart conditions. Cytokinetics counts Thousand Oaks, Calif.-based Amgen Inc. and U.K.-based GlaxoSmithKline among its partners. Following the realignment, the company will have 111 workers. It is providing severance, employee benefit continuation and career transition assistance to the employees affected by the restructuring. Cytokinetics expects charges of about $2.5 million in the third quarter because of the job cuts.

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