Jazz announces R&D and staffing cutbacks
US drugmaker Jazz Pharmaceuticals has announced delays in the development programs for two of its key pipeline products, as well as cuts in its workforce to overcome the deepening loss experienced in the first quarter of 2008 (Marketletter May 26).
The company plans to complete additional preclinical activities prior to initiation of the Phase III program for JZP-7, its product candidate for the treatment of restless legs syndrome, and Phase II clinical development for JZP-4, for the chronic treatment of epilepsy and bipolar disorder. As a result, the start of both trials will be delayed.
In further cost-saving measures, Jazz will reduce its workforce by 8%, terminating 33 employees, primarily working in R&D and administrative areas. The company expects to record a charge of approximately $500,000 related to the workforce reduction in the second quarter of this year.
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