Not good news for diabetes 2 and high blood pressure research. No mention of where the outsourcing might occur, but one might take a guess there’s a strong possibility it might not be here in the US. BD
San Diego-based Metabasis said today that it would close its Ann Arbor facility and cut 35 jobs--30 percent of its workforce--in the process. Like so many other small drug developers, Metabasis said the is a move to preserve cash and reduce ongoing expenses. The company will henceforth rely on third party providers to allow greater flexibility in controlling costs. As part of the cuts, Dr. Howard Foyt, vice president, clinical development and Constance Bienfait, vice president, investor relations and corporate communications will leave the company to "pursue other opportunities." "This action is a very difficult and disappointing necessity given the challenging financial environment under which we are operating. As a result, we have adjusted our strategic objectives including outsourcing certain components of our projects to third parties," said Paul Laikind, president and CEO.
Metabasis restructures, cuts 30% of workforce - FierceBiotech
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