Adolor cuts early-stage drugs, 45 jobs
Adolor Corporation, Exton, said it will cut early-stage drug development programs and 45 of its 160 workers to save $12 million in yearly costs, as it ends early-stage drug programs to concentrate on drugs it can sell in the near future.
Adolor Corporation, Exton, said it will cut early-stage drug development programs and 45 of its 160 workers to save $12 million in yearly costs, as it ends early-stage drug programs so it can concentrate on marketing post-bowel-surgery painkiller Entereg (alvimopan) and on other recovery painkillers that are close to market. More here.
"This was a very difficult decision for the Company. Given the broader economic conditions in our industry, it is necessary for us to preserve our resources for the commercialization of Entereg and the development of our pipeline," said Michael R. Dougherty, President and Chief Executive Officer, in the statement. The cuts will cost $6 million in up front severance and write-offs.
Entereg is sold by GlaxoSmithKline's hospital salesforce. Despite the cuts, Adolor said it will keep working "on its delta opioid receptor agonist program that is partnered with Pfizer Inc., as well as ADL7445, a proprietary, mu-opioid receptor antagonist that is expected to begin Phase 1 testing in 2009 for opioid-induced bowel dysfunction."