Cardiome Pharma (CRME) to Cut Employee Headcount by 85%

July 9, 2012 9:22 AM EDT
Cardiome Pharma (Nasdaq: CRME) today announced that the Company is undertaking a significant workforce reduction as a response to 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 reduction in personnel will decrease the total number of employees by approximately 85%. The company expects to incur up to $5.0 million in severance and other charges related to this restructuring over the remainder of the year.

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