Impax cuts nearly 50 employees to save money

Impax Laboratories ($IPXL), which has struggled for several years to get its Parkinson's drug Rytary to market, is moving away from early-stage research and has cut its R&D staff by 42 jobs, a 25% reduction to save money. The cut of a total of 49 positions at the company is expected to save $8 million a year. From here on out, Impax's branded R&D efforts will focus on products in Phase II and above, the company said in a statement today. Ongoing FDA concerns about Impax' manufacturing has delayed approval of Rytary for some time. Story | More