Expect some downward drift, i.e. :
Immulogic (IMUL.O) cutting jobs, taking Q2 charge
WALTHAM, Mass., June 17 (Reuter) - ImmuLogic Pharmaceutical Corp said Tuesday it reduced its
staff and restructured its operations so it can focus development efforts on the Allervax allergy program.
It said 39 positions, or 28 percent of its workforce, had been eliminated, leaving the company with 94
full-time employees.
It said the reduction will result in a one-time charge of about $650,000, to be reported in the company's
second quarter, June 30, income statement.
The cut will result in approximately $2.6 million in savings on an annual basis, it said.
Joseph Marr, chief operating officer, said the company's immediate objective is to complete discussions
with the Food and Drug Administration to initiate the next Allervax Ragweed product trial this summer.
The company will then follow this up with the Allervax Cat program, he said.
ImmuLogic is developing treatments for allergies, autoimmune diseases and substance abuse.
REUTER |
