Navigation Links
Jazz Pharmaceuticals Announces Reduction in Force to Reflect Streamlined Operations
Date:12/16/2008

PALO ALTO, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced a reduction in force of 71 employees, or approximately 24 percent of its work force, to lower operating expenses. The company expects to record a charge of approximately $1.9 million in the fourth quarter of 2008 related to this workforce reduction. Separately, Jazz Pharmaceuticals announced today that its Chief Financial Officer, Matt Fust, has decided to leave the company at year end to pursue other professional interests. His responsibilities will be assumed by other members of the executive management team.

The reduction does not affect the company's sales force. Jazz Pharmaceuticals currently markets and sells XYREM(R) (sodium oxybate) and LUVOX CR(R). The company will continue development of JZP-6 (sodium oxybate) for the treatment of fibromyalgia syndrome. In a recent press release, the company announced positive top-line results from the first of two pivotal Phase III clinical trials of JZP-6. JZP-8, Jazz Pharmaceuticals' product candidate providing intranasal delivery of clonazepam for the treatment of acute repetitive seizures, is continuing its Phase II clinical trial.

"Concentrating our company's efforts on growing sales of our commercial products and pursuing selected development programs, while streamlining our operations, will reduce ongoing operating expenses and minimize the need for additional financing," said Samuel Saks, M.D., Chief Executive Officer of Jazz Pharmaceuticals. "We thank all of our employees for their hard work on behalf of the company and their efforts to help us provide important products for patients and physicians. In particular, I would like to thank Matt for his many contributions since the formation of the company."

About Jazz Pharmaceuticals, Inc.

Jazz Pharmaceuticals is a specialty pharmaceutical company focused on identifying, developing and commercializing innovative products to meet unmet medical needs in neurology and psychiatry. For further information see http://www.JazzPharmaceuticals.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements, including, but not limited to, statements related to the continued development of Jazz Pharmaceuticals' JZP-6 product candidate, the potential future profitability of Jazz Pharmaceuticals, and the estimated charge related to the workforce reduction. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Jazz Pharmaceuticals' actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the development of Jazz Pharmaceuticals' JZP-6 and JZP-8 product candidates, including the risk that clinical trial results may require Jazz Pharmaceuticals to discontinue their development; and risks related to the need for additional funds. These and other risk factors are discussed under "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed by Jazz Pharmaceuticals with the Securities and Exchange Commission on November 14, 2008. Jazz Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.


'/>"/>
SOURCE Jazz Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Vion Pharmaceuticals Pays Interest on 7.75% Convertible Senior Notes
2. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
3. Vion Pharmaceuticals Completes Accrual of 85 Patients to its Pivotal Phase II Trial of Cloretazine(R) (VNP40101M) in Elderly AML
4. XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007
5. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
6. Nabi Biopharmaceuticals to Present at Upcoming Industry Conferences
7. Anadys Pharmaceuticals Appoints Steve Worland, Ph.D. as President and Chief Executive Officer
8. Poniard Pharmaceuticals Announces Participation in Upcoming Conferences
9. NovaQuest Advances Virtual Development Model With Strategic Investment in TOPIGEN Pharmaceuticals
10. Drug Royalty Corporation (DRC) Announces Acquisition Regarding PEG-INTRON(R) From Enzon Pharmaceuticals, Inc. (ENZN)
11. Sunesis Pharmaceuticals Announces Reorganization to Focus Resources and Build Value in Clinical-Stage Programs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... 8, 2016 Oxford Gene Technology ... SureSeqâ„¢ NGS panel range with the launch of the SureSeq ... study of variants in familial hypercholesterolemia (FH). The panel delivers ... on a single small panel and allows customisation by ,mix ... all exons for LDLR , P C ...
(Date:12/8/2016)... (PRWEB) , ... December 08, 2016 , ... ... finalists in the World Technology Awards. uBiome is one of just six company ... all categories. , In addition to uBiome, companies nominated as finalists in this ...
(Date:12/8/2016)...  HedgePath Pharmaceuticals, Inc. (OTCQX: HPPI), a clinical ... to commercialize innovative therapeutics for patients with cancer, ... approved for trading on the OTCQX U.S. market. ... effective today, under the ticker symbol "HPPI." ... must meet high financial standards, follow best practice ...
(Date:12/8/2016)... 2016   Biocept, Inc . (NASDAQ: ... clinically actionable liquid biopsy tests to improve the ... featuring its Target Selectorâ„¢ Circulating Tumor Cell platform ... detection of actionable biomarkers in patients with metastatic ... Sara Cannon Research Institute (SCRI), the research arm ...
Breaking Biology Technology:
(Date:11/17/2016)... Nov. 17, 2016  AIC announces that it has just released a new white ... require high-performance scale-out plus high speed data transfer storage solutions. Photo - ... ... ... Setting up a high performance computing or ...
(Date:11/14/2016)... , Nov. 14, 2016  Based on ... market, Frost & Sullivan recognizes FST Biometrics ... Award for Visionary Innovation Leadership. FST Biometrics ... biometric identification market by pioneering In Motion ... for instant, seamless, and non-invasive verification. This ...
(Date:6/21/2016)... 21, 2016 NuData Security announced today that ... of principal product architect and that Jon ... customer development. Both will report directly to ... moves reflect NuData,s strategic growth in its product ... customer demand and customer focus values. ...
Breaking Biology News(10 mins):