The Company also announced today a work-force reduction of approximately 20 percent, or 26 employees, as a part of a corporate restructuring, with reductions occurring across all levels and organizations within the Company. In addition, Amicus is terminating its relationship with approximately 17 contractors currently working at the Company. Amicus is taking this step to reduce costs and to align its resources with its key strategic priorities. The Company estimates that it will record charges of approximately $0.9 million during the fourth quarter of 2009 for employment termination costs payable in cash in connection with the workforce reduction.
"After extensive review of our business plan, we have made some very difficult decisions to restructure our workforce to best enable us to align the Company around the three key strategic priorities for Amicus going forward," said John F. Crowley. "Specifically, we expect that these changes will enable our current cash to last into the second half of 2011. It is exceptionally difficult to implement these employee changes as so many remarkably dedicated and talented persons, including Jim Dentzer, our Chief Financial Officer, will be leaving Amicus. All of them have contributed significantly to the Company, and I cannot thank them enough for all of their tireless efforts, passion and contributions."
"We are highly confident that with this restructuring and strategic repositioning, we are well poised to maximize shareholder value while ensuring that we deliver on our mission to provide innovative and high quality therap
|SOURCE Amicus Therapeutics|
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