Labopharm to cut more jobs
Canadian firm plans to eliminate 23 positions
Canadian drug developer Labopharm is to make further job cuts, eliminating 23 positions, bringing the total workforce to 71 people to maintain its core operation, including research and development.
The Laval, Quebec-based firm cut 38 jobs, or 30% of its workforce, in March.
‘This initiative allows us further to preserve capital while maintaining a core team to support our ongoing business, including our research and development function, as we continue to progress in our strategic review process,’ said Mark D'Souza, president and ceo of Labopharm.
He added that the strategic review, announced in March, remains the firm’s top priority and he is encouraged by progress made so far.
Labopharm said the latest reduction in staff would bring annual cost savings of approximately US$2.7m. Total costs savings so far in 2011 will be US$6.5m.
The company will incur a restructuring charge of approximately $500,000 this year.
