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.