Adolor Corporation, a drug discovery and development company in Exton, Pennsylvania will reduce its staff by 30 percent to meet an expected cash flow reduction over the next two years. The company specializes in pharmaceuticals for pain management.
In its press release, Adolor says sales of its flagship product Entereg, developed for upper and lower gastrointestinal recovery following bowel resection surgery, did not meet its internal targets for the first six months of 2010. The company launched Entereg with GlaxoSmithKline in 2008. Adolor also has drugs in clinical development to treat opioid bowel dysfunction.
The company will cut 30 employees, about 30% of its workforce, as well as reduce other unspecified costs. Adolor says it has $62.3 million in cash and investments that the company says can fund operations through 2012 without having to raise further capital.
Hat tip: Fierce Biotech
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