San Diego-based Metabasis Therapeutics, a biopharmaceuticals development firm, just announced this morning that it is cutting 38 employees, or approximately 43 percent of its employees as part of a corporate restructuring. Metabasis said the move will focus its efforts on its treatments fo hyperlipedemia and treatments for type 2 diabetes, along with its glucagon antagonist program. The firm said it will take a charge of $1.4M for the restructuring for employee termination costs and severance.