Wednesday, June 11, 2008

Jazz loses its razamataz

Jazz Pharmaceuticals Inc. will cut 33 people, or about 8 percent of its employees, to save money. The Palo Alto company will also delay clinical testing of two drugs. Jazz will take a charge of $500,000 in the second quarter related to the layoffs, most of it for severance payments. A scheduled late-stage clinical trial of a restless legs syndrome treatment will be delayed, as will mid-stage work on an epilepsy and bipolar disorder treatment.

Still, it looks like the CEO is ok.

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