This was certainly a week for layoff news. Today's offering is from Cambridge, MA-based Javelin Pharmaceuticals, which is reducing its workforce by 15 percent. The company had 44 full-time employees but will now employ 37. In a brief statement, Javelin said the move is intended to reduce Javelin's cost structure. A spokesperson for the company told FierceBiotech that Javelin will use the additional funds to finance its clinical programs. Javelin is developing pain management therapies and has three drug candidate in Phase III trials.
"We have taken difficult, but necessary actions, to reduce fixed costs across the organization to conserve and extend valuable development dollars. Today's organizational changes are being effected in support of our priorities to file high quality regulatory submissions in the US and the EU for Dyloject and Ereska in 2009 and consummate successful commercialization partnerships for our late stage acute pain care product portfolio," said Martin Driscoll, CEO of Javelin Pharmaceuticals.
- check out Javelin's release