Drug maker Labopharm Inc. is cutting 23 jobs in Canada to save $2.7-million a year, less than a month after its U.S. joint venture slashed its workforce in half.
The beleaguered Montreal area pharmaceutical company says it will have 71 positions remaining to support its ongoing business, including research and development.
The job cuts come as Labopharm continues a strategic review initiated in March.
President and CEO Mark D'Souza says the review remains Labopharm's top priority and the company is "encouraged" by the progress to date.
Labopharm says it will incur a $500,000 restructuring charge but save $6.5-million for workforce reductions this year.
On June 23, Labopharm said its joint venture with Italy's Gruppo Angelini, which sells the antidepressant Oleptro in the U.S., was to cut its sales force in half to 65 in a move to reduce costs.
The cut effective July 1 was expected to save Angelini Labopharm $10.6-million (U.S.) annually.
Labopharm delisted from the Nasdaq global market at the close of business June 30, but remains on the Toronto Stock Exchange.
The company's shares have plummeted to about 16 cents on the TSX after reaching nearly $10 in 2006.