Struggling Unigene slashes staff in reorganization

With its lead product Fortical under critical review on both sides of the Atlantic, Boontin, NJ-based Unigene Laboratories ($UGNE) has opted to slash its workforce by 40% in a restructuring. Most of the jobs being cut involve staffers who have been working on Fortical. An FDA panel recommended recently that the drug should not be used, as there's no evidence that calcitonin salmon works to strengthen bones and may increase the risk of cancer. The biotech company also said that it has lined up a $750,000 loan for additional working capital. Release