Columbia Labs to cut 42% of workforce after FDA snub

Feeling the sting of the FDA's rejection of its vaginal gel to reduce the risk of preterm birth, Columbia Laboratories ($CBRX) has announced a 42% workforce reduction from 24 to 14 employees. The company expects to save roughly $1.5 million annually as a result of the move. Columbia's shares leaped 4.5% after hours. The company's stock had been off 73% so far this year through Thursday's close. Columbia Labs release | Item