Transcept announces layoffs

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Transcept Pharmaceuticals—known for its sleep drug Intermezzo—is cutting 43% of its workforce.

The company announced Tuesday that six employees will be laid off between now and early 2014, leaving a staff of eight.

The layoffs are part of a larger restructuring that includes reorganizing its board of directors.

The company's lead pipeline product, TO-2070, is for acute migraines.

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