Danish Neurosearch to Trim Workforce In Reorganization
From EquityBites (January 11, 2011)
11 January 2011 - Danish biopharma company Neurosearch A/S (CPH: NEUR) said today it will reorganise its operations and launch cost-reduction measures, including a 20% workforce cut.
The company expects to trim its annual costs by DKK100m, with full effect from 2012.
The streamlining move is mainly aimed at supporting the commercialisation of Neurosearch’s main drug candidate, Huntexil, for the treatment of Huntington’s disease. The company will strive to file for regulatory approval of the drug as soon as possible and create an in-house sales organisation for key markets, including North America and Europe.
In addition, from January, Neurosearch will organise its drug-discovery activities in Copenhagen in a new division. The new unit, Nsdiscovery, will also be responsible for existing partnerships.
In an extensive phase II/III programme, Huntexil (pridopidine) has shown positive effects on motor functions in patients with Huntington’s disease and a favourable safety profile. Neurosearch expects to discuss the existing data package for the drug with the US and European regulatory authorities in the first half of 2011.
Neurosearch is due to publish its financial report for 2010 on 10 March 2011, when it will also provide a guidance for this year.
(EUR1 = DKK7.5)
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Posted: January 2011