Neurogen cuts jobs

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Neurogen said it laid off 70 workers and is taking a charge of about $1.5 million in the first quarter of 2008 to pay severence benefits and other charges.

The move is part of a restructuring to focus resources on advancing its pipeline of insomnia and other compounds including Phase II candidate aplindore for Parkinson's disease and restless legs syndrome.

Neurogen reported a net loss of $40 million for the nine months ended Sept. 30, 2007.
The job cut announcement came just days after Stephen Davis, a lawyer, became president and CEO. Davis succeeds William Koster, who has retired, but remains a director.

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