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TorreyPines Therapeutics cuts staff

TorreyPines Therapeutics Inc. reduced its workforce to three employees Tuesday.

According to a statement issued by the La Jolla-based biopharmaceutical firm, the seven-person staff reduction is intended to provide the company additional time to evaluate strategic alternatives, including a possible sale.

The three remaining employees -- the chief executive officer, chief financial officer and vice president-general counsel -- will assist the firm’s board of directors in assessing and completing any possible strategic transaction.

“It was a very difficult decision to dismiss these talented and dedicated individuals who have contributed significantly to TorreyPines,’' CEO Ev Graham said.

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The company, which seeks to develop products to treat diseases and disorders such as migraine headaches and acute and chronic pain, currently has three clinical-stage product candidates.