Pharmacopeia Drug Discovery, Inc. (PCOP)

[surf1944]

7:32AM Pharmacopeia announces immediate workforce reduction of approx 40% through termination of positions (PCOP) 2.85 : Co announces it has implemented the restructuring noted in its recent quarterly earnings release and conference call. This effort includes an immediate workforce reduction of approx 40% through termination of positions. As a result of its reductions in operating expenditures, PCOP expects the cash burn for the quarter ending December 31, 2008 to be approx $10 mln, exclusive of severance related costs. The company expects its quarterly burn to be less than $10 mln in 2009. In 3Q08, PCOP expects to record a charge of approx $3 mln in connection with the severance provided to employees directly affected by the latest reduction in staffi