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.
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