Labopharm reduces workforce by almost 30%

Published: 23-Mar-2011

Move is expected to result in cost savings of $3.8m a year


Canadian drug delivery technology company Labopharm has reduced its workforce, eliminating 38 positions. Following the reduction, Labopharm will have 94 employees to support its current operations. The reduction in workforce is expected to result in annual cost savings of approximately US$3.8m (€2.7m).

‘Although a difficult decision, the action will provide the Corporation with additional cost savings as the board of directors and senior management team continue a complete review of the business, including consideration of all available strategic options,’ said Mark D'Souza, president and ceo of Labopharm.

The company has also announced that Sylvain Guénette has been appointed Chief Financial Officer. Guénette, a Chartered Accountant, joined Labopharm as controller in 2002 and was most recently vice president and corporate controller.

You may also like