wishdom schreef:
Insmed laying off a 3rd of work force
Biopharmaceutical company Insmed Inc. said Wednesday it is laying off its sales and marketing staff and cutting back production following a lawsuit settlement.
The company did not detail the terms of the settlement with Tercica Inc. and Genentech Inc. However, Tercica said Tuesday that Insmed will stop selling its Iplex to treat growth disorders.
Insmed said it will lay off 34 percent of its work force. With 150 employees, that amounts to 51 workers. Also, the company is cutting back production at its site in Boulder, Colo.
Savings from the layoffs and production cuts are expected to allow the company to fund operations until the fourth quarter. The company had $24.1 million in cash as of Dec. 31.
Iplex is in Phase II clinical trials for myotonic muscular dystrophy and HIV-associated adipose redistribution syndrome. Insmed expects to release initial data from those trials in the second quarter.
Shares of Insmed plunged 65 cents, or 41.9 percent, to 90 cents in morning trading on the Nasdaq Stock Market. The stock has traded between 80 cents and $2.26 over the past year.
Shares of Tercica spiked $1.09, or 22.3 percent, to $5.97 on the Nasdaq. The stock has ranged from $2.92 to $7.98 over the past year.
Genentech shares fell 34 cents to $81.94 on the New York Stock Exchange.
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