Nastech Pharmaceutical (NSTK) To Further Reduce Workforce
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Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) today announced that its Board of Directors has authorized a program that will further reduce operating expenses and align the Company's workforce with its strategic, business and clinical development requirements.
Steven Quay, Nastech's Chairman and CEO, said, "The workforce reduction of approximately 50 employees will enable us to drive our key clinical development and RNAi programs forward in a more efficient manner for the benefit of our shareholders. The savings by this action are estimated to be not less than $11 million during the 2008 fiscal year."
Nastech Pharmaceutical Company, Inc., a biopharmaceutical company, engages in the development and commercialization of therapeutic products based on its proprietary molecular biology-based drug delivery technology.
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