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In a release, the Company noted that it reduced the number of its sales managers and field sales representatives by about 25 percent, to approximately 225. The Company has also reduced its corporate staff by approximately 20 percent.
As a result of these cost-saving measures, the said it expects to achieve approximately $15 million in annualized savings. The Company now anticipates that its total operating expenses for 2009 will range between $78 and $83 million, versus its previous guidance of operating expenses ranging between $83 and $88 million.
"Our field sales force territory realignment is based on cumulative Moxatag prescription data and will allow us to concentrate our resources in markets where we have best demonstrated prescription volume access," said John Thievon, MiddleBrook president and CEO. "We continue to seek opportunities to co-promote, in-license or acquire another product to further utilize our nationwide field sales force more effectively."
The Company also announced that on August 31, it granted options to purchase a total of 17,500 shares of MiddleBrook's common stock to four (4) new employees as a material inducement for them to join MiddleBrook.
MiddleBrook Pharmaceuticals is a pharmaceutical company focused on developing and commercializing anti-infective products that fulfill unmet medical needs.
((Comments on this story may be sent to health@closeupmedia.com))
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