I would not consider this great news, it is CBRX running out of options:
Columbia Laboratories Announces 42% Workforce Reduction
Projected Annual Savings of over $1.5 million
Business WirePress Release: Columbia Laboratories Inc. – 17 hours ago
LIVINGSTON, N.J.--(BUSINESS WIRE)--
Columbia Laboratories Inc. (Nasdaq: CBRX - News) today announced a 42% workforce reduction from 24 employees at December 31, 2011, to 14 employees. The Company will record a severance charge of approximately $0.5 million in the first quarter of 2012, and expects to realize annual savings of over $1.5 million.
The reduction primarily impacts research and development and general administrative positions. Columbia’s remaining staff will continue to focus on the future course of Columbia's business, executing its public reporting obligations, management of its supply chain, and its role on the Joint Development Committee with Watson Pharmaceuticals, Inc. (NYSE:WPI - News) for progesterone vaginal gel 8% for use in the reduction of risk of preterm birth in women with premature cervical shortening.
“Our action today is difficult, particularly because we greatly appreciate the contributions of those we must let go,” said Frank Condella, Columbia's president and chief executive officer. “However, it is a step we must take to streamline operations and secure the Company’s positive financial position. The workforce reduction will lower our costs and better align operating expense with revenues. Our remaining employees will remain focused on the future course of our business.”
The Company is evaluating all strategic options moving forward and will update investors on its 2011 Earning’s Conference Call scheduled for Thursday, March 8, 2012.
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