Columbia Labs (CBRX) Cuts 42% of Workforce, Will Explore Strategic Options
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Columbia Laboratories Inc. (Nasdaq: CBRX) today announced a 42% workforce reduction from 24 employees at December 31, 2011, to 14 employees. The Company will record a severance charge of approximately $0.5 million in the first quarter of 2012, and expects to realize annual savings of over $1.5 million.
The reduction primarily impacts research and development and general administrative positions. Columbia’s remaining staff will continue to focus on the future course of Columbia's business, executing its public reporting obligations, management of its supply chain, and its role on the Joint Development Committee with Watson Pharmaceuticals, Inc. (NYSE: WPI) for progesterone vaginal gel 8% for use in the reduction of risk of preterm birth in women with premature cervical shortening.
The Company is evaluating all strategic options moving forward and will update investors on its 2011 Earning’s Conference Call scheduled for Thursday, March 8, 2012.
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The reduction primarily impacts research and development and general administrative positions. Columbia’s remaining staff will continue to focus on the future course of Columbia's business, executing its public reporting obligations, management of its supply chain, and its role on the Joint Development Committee with Watson Pharmaceuticals, Inc. (NYSE: WPI) for progesterone vaginal gel 8% for use in the reduction of risk of preterm birth in women with premature cervical shortening.
The Company is evaluating all strategic options moving forward and will update investors on its 2011 Earning’s Conference Call scheduled for Thursday, March 8, 2012.
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