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:7/10/2020)... ... July 09, 2020 , ... Sentien Biotechnologies, Inc., ... hiring of Allen R. Nissenson, M.D., F.A.C.P., as its Chief Medical Officer. ... Sentien’s lead product, SBI-101. Dr. Nissenson serves as an Emeritus Professor of ...
(Date:7/1/2020)... ... June 30, 2020 , ... ... today announced that the launch of a new clinical diagnostics immuno-oncology ... the tumor microenvironment (TME). , “Flagship’s TissueInsight is a service that aids ...
(Date:6/23/2020)... ... June 23, 2020 , ... Kerafast Inc. ... materials, today announced the availability of the Delta-G-VSV Pseudotyping System for coronavirus research ... enables studies of SARS-CoV-2 viral entry and COVID-19 vaccine effectiveness at just biosafety ...
(Date:6/19/2020)... PETERSBURG, Russia (PRWEB) , ... June 18, 2020 , ... ... in 2018. Its goal is to join forces to radically prolong life and find ... significantly postpone the aging period. This project was supported by various scientists from all ...
Breaking Biology Technology:
(Date:6/11/2020)... ... ... Superior Controls, Inc. , an E Technologies Company and leading U.S. ... industry, is pleased to announce the recent hiring of Ray Boudreau, who will be ... office. In his new role, Boudreau will use his extensive experience with business ...
(Date:6/5/2020)... ... 04, 2020 , ... “Although we are disappointed to have to make this ... and the public. We remain committed to creating a global platform to showcase ... Julie Sutcliffe, President of WMIS. , The abstract deadline for the ...
(Date:6/2/2020)... ... June 02, 2020 , ... ... and solutions provider, today reported that the implementation of browser-based, enterprise label ... 100%, resulting in greater efficiency for global biotechnology company, bioMérieux. , Headquartered ...
Breaking Biology News(10 mins):