12.16.08
Jazz Pharmaceuticals has fired 71 employees (24% of its work force) to lower operating expenses. The company expects to record a charge of approximately $1.9 million in 4Q08 related to the move. Separately, the company's chief financial officer, Matt Fust, has decided to leave the company at year end to pursue other professional interests. His responsibilities will be assumed by other members of the executive management team.
The reduction does not affect the company's sales force. Jazz currently markets and sells Xyrem and Luvox CR. The company will continue development of JZP-6 (sodium oxybate) for the treatment of fibromyalgia syndrome. The company recently announced positive top-line results from the first of two Phase III clinical trials of JZP-6. JZP-8, Jazz Pharmaceuticals' product candidate providing intranasal delivery of clonazepam for the treatment of acute repetitive seizures, is continuing in Phase II.
"Concentrating our company's efforts on growing sales of our commercial products and pursuing selected development programs, while streamlining our operations, will reduce ongoing operating expenses and minimize the need for additional financing," said Samuel Saks, M.D., chief executive officer of Jazz Pharmaceuticals. "We thank all of our employees for their hard work on behalf of the company and their efforts to help us provide important products for patients and physicians. In particular, I would like to thank Matt for his many contributions since the formation of the company."
The reduction does not affect the company's sales force. Jazz currently markets and sells Xyrem and Luvox CR. The company will continue development of JZP-6 (sodium oxybate) for the treatment of fibromyalgia syndrome. The company recently announced positive top-line results from the first of two Phase III clinical trials of JZP-6. JZP-8, Jazz Pharmaceuticals' product candidate providing intranasal delivery of clonazepam for the treatment of acute repetitive seizures, is continuing in Phase II.
"Concentrating our company's efforts on growing sales of our commercial products and pursuing selected development programs, while streamlining our operations, will reduce ongoing operating expenses and minimize the need for additional financing," said Samuel Saks, M.D., chief executive officer of Jazz Pharmaceuticals. "We thank all of our employees for their hard work on behalf of the company and their efforts to help us provide important products for patients and physicians. In particular, I would like to thank Matt for his many contributions since the formation of the company."