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57.4 F
San Diego
Tuesday, May 28, 2024
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Hollis-Eden to Cut One-Third of Work Force

Citing poor economic conditions, San Diego-based Hollis-Eden Pharmaceuticals said Feb. 2 it will eliminate 20 employees, or about 33 percent of its work force.

The company, which is developing drugs to treat type 2 diabetes and prostate cancer, said the job reductions will allow it to continue to fund operations until 2010. It will also freeze salaries and suspend bonuses for all employees, including managers.

Shares of Hollis-Eden, traded under the symbol HEPH on Nasdaq, were nearly unchanged to close at 60 cents Feb 2.

, Heather Chambers

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