CALIF. DRUG FIRM MAXYGEN TO CUT ABOUT 25 EMPLOYEES

Small California drug company Maxygen recently said it is cutting around 25 employees, or 16 percent, of its staff, mostly in research and administrative areas, in a move it expects will save about $3 million in 2006 and beyond. The company, in a statement, said it expects to record one-time termination costs of about $1 million in its current second quarter.

Reuters (http://go.reuters.com/newsArticle.jhtml?type=topNews&storyID=8817714)