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Molecular Insight Pharmaceuticals announced last week it was cutting around nine jobs in order to save money to focus on research and development for its pipeline of cancer drugs.
The Cambridge, Mass.-based company, now down to 61 employees, hopes to save about $1 million a year, after a one-time docking of $200,000 in the first quarter of 2010, because of the lay-offs.
"The decision to re-align and re-balance personnel was a difficult but an important step in supporting the efficient development of our oncology product pipeline," Molecular CEO Daniel Peters said in a statement.
Molecular plans to use the freed-up clash to spur development of its line of radiopharmaceuticals and other oncology drugs. Two of its five products in the pipeline are expected to begin late-stage Phase 3 trials, one of the final hurdles drugs are required to pass before full FDA approval, sometime this year.
