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Print Edition StoriesFriday, November 14, 2008
Javelin drops staff levels by 15 percent
By Mass High Tech Staff
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Javelin Pharmaceuticals Inc., a Cambridge developer of pain management products, has announced its plan to cut 15 percent of its employees in an effort to lower company costs. Javelin’s quarterly earnings statement from June lists its employee head count at 40, which means the layoffs would affect six employees.
CEO Martin Driscoll said in a statement that the restructuring efforts will ultimately support the U.S. and European approval and commercialization of its pain management drugs, Dyloject and Ereska.
In July, Javelin (AMEX: JAV) made strategic moves, anticipating increased sales of Dyloject in Europe, by helping its manufacturing capacity with a multi-year expansion supply agreement with Baxter Healthcare Corp. Dyloject, currently approved in the U.K. and under review in Europe as a whole, is an injectable formulation of the drug diclofenac, on the market since 1981 and used to treat pain from a variety of causes.
In May, Javelin reported plans to raise $27.6 million in a direct offering, saying that select investors — including officers and directors of the company — agreed to purchase 11.45 million shares of its common stock for $2.41.
Javelin reported a 2007 net loss of $31 million with no revenue.
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