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Hollis-Eden Lays Off 25 Percent of Staff

Hollis-Eden Pharmaceuticals Inc. announced on April 27 that, in line with strategy restructuring, the company will lay off 25 percent of its employees, or 18 people.

A Hollis-Eden representative said outplacement services are being provided to the released employees.

The move is expected to save the company $10 million to $12 million in the second half of 2007, but will create restructuring charges of $400,000 in the second quarter of 2007.

In the same press release, it was announced that Chief Operating Officer and Chief Financial Officer Daniel Burgess was resigning to assume the role of chief executive officer at another local biopharmaceutical company, which Hollis-Eden would not identify.

Hollis-Eden is adjusting its strategy away from bio-defense to focus on the development of adrenal steroid hormones for the treatment of metabolic disorders, autoimmune and other inflammatory conditions and hormone-sensitive cancers.

San Diego-based Hollis-Eden Pharmaceuticals is traded on the Nasdaq as HEPH and closed on April 26 at $2.76, up two cents from the previous day’s close. In midday trading on April 27, the stock was down 6 percent to $2.59.

, Andy Killion

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