SciClone will cut about 40 jobs in restructuring after canceling cancer drug trial

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SciClone to restructure, cut work force 17 percent

FOSTER CITY, Calif. — SciClone Pharmaceuticals Inc. on Wednesday said it will cut 17 percent of its work force — which was at 227 people at the end of 2008 — as part of a corporate restructuring.

The restructuring comes after the company stopped a trial of a late-stage pancreatic cancer drug candidate earlier this month.

The move will result in a one-time charge of about $300,000, which includes severance and other expenses. The company said it expects to complete the restructuring in the current quarter.

SciClone did not say exactly how many jobs the cuts represent, and the company could not immediately be reached for comment.

As of Dec. 31, 2008, the company had 227 employees, according to its annual report. A 17 percent cut from that number would translate to about 39 jobs.

SciClone shares fell 15 cents to $2.37 in morning trading. The stock has traded between 63 cents and $5.33 in the past 52 weeks.