Biotech Values

[apljack]

JAV: Goes under a $1 on news of workforce reduction.

(the co. has only about 50 employees; my guess is that they have let the CRC's go since the US Dyloject study is complete and the Ereska study is almost done. Any way you cut it, however, this looks bad and my portfolio will never be the same.)

Javelin Pharmaceuticals Announces 15 Percent Reduction in Workforce
Friday November 14, 10:05 am ET
Changes Expected to Result in Cost Savings For 2009

http://biz.yahoo.com/bw/081114/20081114005523.html?.v=1

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Javelin Pharmaceuticals, Inc. (Amex: JAV - News), a leading developer of novel products for pain management, today announced that it will reduce its workforce by approximately 15 percent. The reduction is intended to reduce Javelin’s cost structure.
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"We have taken difficult, but necessary actions, to reduce fixed costs across the organization to conserve and extend valuable development dollars. Today’s organizational changes are being effected in support of our priorities to file high quality regulatory submissions in the US and the EU for Dyloject and Ereska in 2009 and consummate successful commercialization partnerships for our late stage acute pain care product portfolio," said Martin Driscoll, CEO of Javelin Pharmaceuticals.

Mr. Driscoll continued, "We appreciate the dedication and past efforts of those employees affected by today’s announcement and thank them for their contributions in helping Javelin attain its first product approval and launch in a major western market.”

The Company will provide additional details on its progress and cost efficiency measures on its 2008 year-end results conference call.