(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (203) 401-3330
Item 5. Other Events and Regulation FD Disclosure.
On November 7, 2002, the Registrant issued a press release announcing a corporate restructuring to reduce its early stage
research efforts and to focus its resources on prioritizing, selecting and rapidly advancing its most promising drug candidates. As part of this process, the Registrant is immediately reducing its employee base by approximately 25 percent, or 128
people, and is postponing the construction of a new drug research facility. Charges relating to this corporate restructuring are estimated to be $11 million, including an $8 million charge associated with postponing the building of a new research
facility. The objective of this restructuring is to shift drug development resources from discovery-based processes to preclinical and clinical drug development efforts and to decrease overall expenditures. A copy of the press release is attached to
this Current Report on Form 8-K as Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed with this report:
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
