Lexicon Pharmaceuticals, Inc. revealed that it is refocusing the company on late-stage drug development, and with this decision, it plans to cut about 115 employees, close to 45% of its workforce. By focusing on the later-stage drugs and cutting research, discovery and support positions, Lexicon plans to reduce its expenses by $14 million in 2014. After 2014, the company expects these reductions to save about $22 million in costs per year.

The company's President and CEO Arthur Sands also plans to leave the company. Sands will not immediately leave Lexicon. He said plans to help the company develop a succession plan and help the board of directors find a new CEO that is better suited for later-stage drug development and commercialization.