Medicines Co. cuts 10% of jobs

Parsippany, NJ-based Medicines Company says in a regulatory filing today that it is cutting 31 employees, about 10 percent of its workforce. The cuts are focused on centralized office-based functions--including analytics, development and administration--and will not affect its customer-facing functions. The Medicines Company hopes to save $6.5 million to $7.5 million starting in the first quarter of 2010. According to SEC documents, the cuts were necessary "to improve efficiencies and better align the company's costs and structure for the future."

- here's the Reuters report
- see the filing