July 29, 2016 / 8:21 PM / a year ago

BRIEF-Tokai Pharmaceuticals says reducing workforce by about 60 pct

July 29 (Reuters) - Tokai Pharmaceuticals Inc

* Tokai pharmaceuticals announces reduction in force

* Workforce reduction plan expected to be largely completed by end of q3 of 2016.

* Says expects reduction in force to result in approximately $4.2 million in reduced annualized operating expenses

* Also expects to incur a charge in q3 of 2016 of approximately $1.3 million related to reduction

* Reducing its workforce by approximately 60 percent, to a total of 10 full-time equivalent employees

* Says reducing its workforce by approximately 60 percent, to a total of 10 full-time equivalent employees

* Says reduction plan expected to be largely completed by end of q3 of 2016

* Says also expects to incur a charge in q3 of 2016 of approximately $1.3 million related to reduction, including severance Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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