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.
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.