Durham drug developer BioCryst Pharmaceuticals said Friday that it is cutting half its staff -- 38 positions -- as part of a restructuring triggered by the company's recent setbacks.
BioCryst, which has employees in Alabama as well as Durham, previously said it was planning to restructure but hadn't discussed details.
In the space of two weeks in October and November BioCryst, which doesn't have any products on the market in this country, suspended development of experimental treatments for hepatitis C and influenza.
BioCryst said that the cutbacks will generate net savings of $15 million to $18 million in 2013.
CEO Jon Stonehouse said in a statement that the company remains committed to developing its remaining portfolio of experimental drugs.
"To succeed, we must significantly decrease our operating costs and carefully manage cash, while efficiently advancing our three priority programs," he said.
David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or