Targanta Therapeutics Corporation to cut 86 jobs
Posted: December 23rd, 2008 | Author: dubaidude | Filed under: By Location, USA | No Comments »
Targanta Therapeutics Corp said it would cut about 75 percent of its workforce and focus its resources on getting regulatory approval for its troubled skin-infection antibiotic.
Earlier last week, U.S. health regulators declined to approve oritavancin, the company’s antibiotic to treat complicated skin and skin structure infections, and asked for an additional trial to demonstrate efficacy and safety.
The company expects to incur charges of about $5.8 million related to the job cuts, majority of which is expected to be implemented by the end of this year.
As a part of the restructuring, which includes a staff reduction of 86 employees, Targanta’s chief development and chief commercial officers will also be leaving the company.
The company expects to have 27 employees after the restructuring and said it was maintaining key personnel needed to support the regulatory approval process for oritavancin in the European Union and develop the protocol for an additional late-stage study of the drug in the United States.
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