Cardiome Pharma Corp. (CRME,COM.TO: Quote) said it is undertaking a significant workforce reduction, following the recently announced termination of Merck's development efforts relating to the vernakalant oral program. The workforce reduction eliminates all positions focused on internal research activities along with certain supporting functions. The personnel reduction would decrease the total number of employees by some 85%.
The company is likely to incur up to $5.0 million in severance and other charges related to this restructuring over the remainder of the year.
Previously, Cardiome Pharma had announced that one of Hunter's first tasks as interim CEO would be to review all current activities of the company with the immediate objective of optimizing the spend rate. Today's announcement reflects completion of this objective.
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by RTT Staff Writer
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