Labopharm cuts more jobs, reduces 23 positions

Mon Jul 18, 2011 9:47am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

BANGALORE (Reuters) - Canadian biotech company Labopharm Inc cut about a fourth of its jobs and expects to save $6.5 million annually.

The Laval, Quebec-based company expects to incur a $0.5 million restructuring charge related to the 23 job cuts.

In March, the company had cut 38 jobs, reducing its workforce to 94.

Shares of Labopharm, which delisted its common shares from Nasdaq last month, were trading up nearly 7 percent at 17 Canadian cents on the Toronto Stock Exchange.

(Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)