Transcept Pharmaceuticals Cutting One Third of Staff

Richmond, California drug developer Transcept Pharmaceuticals will eliminate 10 of its 33 staff members.

Earlier this month, the company licensed the North American rights to its insomnia drug candidate Intermezzo to Purdue Pharma, which will handle the launch and marketing.

Intermezzo is a sleep aid intended to be taken by people who wake up and have trouble getting back to sleep.

Transcept Pharmaceuticals is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience.