March 22, 2011 / 1:49 PM / in 7 years

UPDATE 1-Labopharm trims workforce, names CFO

(In U.S. dollars)

TORONTO, March 22 (Reuters) - Canadian biotech Labopharm Inc DDS.TO DDSS.O said on Tuesday it cut 38 jobs, a move that is expected to result in annual savings of $3.8 million, and named Sylvain Guenette chief financial officer.

Guenette, who joined the company in 2002 and was most recently vice president and corporate controller, fills the post left vacant by previous CFO Mark D’Souza, who was named chief executive last week.

Labopharm, which specializes in controlled-release drugs, will incur a charge of about $1.9 million in the first quarter due to the job cuts.

Following the jobs reductions, the Laval, Quebec-based company will have 94 employees. (Reporting by S. John Tilak; editing by Peter Galloway)

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