PALO ALTO, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals,
Inc. (Nasdaq: JAZZ) today announced a reduction in force of 71 employees, or
approximately 24 percent of its work force, to lower operating expenses. The
company expects to record a charge of approximately $1.9 million in the fourth
quarter of 2008 related to this workforce reduction. Separately, Jazz
Pharmaceuticals announced today that its Chief Financial Officer, Matt Fust,
has decided to leave the company at year end to pursue other professional
interests. His responsibilities will be assumed by other members of the
executive management team.
The reduction does not affect the company's sales force. Jazz
Pharmaceuticals currently markets and sells XYREM(R) (sodium oxybate) and
LUVOX CR(R). The company will continue development of JZP-6 (sodium oxybate)
for the treatment of fibromyalgia syndrome. In a recent press release, the
company announced positive top-line results from the first of two pivotal
Phase III clinical trials of JZP-6. JZP-8, Jazz Pharmaceuticals' product
candidate providing intranasal delivery of clonazepam for the treatment of
acute repetitive seizures, is continuing its Phase II clinical trial.
"Concentrating our company's efforts on growing sales of our commercial
products and pursuing selected development programs, while streamlining our
operations, will reduce ongoing operating expenses and minimize the need for
additional financing," said Samuel Saks, M.D., Chief Executive Officer of Jazz
Pharmaceuticals. "We thank all of our employees for their hard work on behalf
of the company and their efforts to help us provide important products for
patients and physicians. In particular, I would like to thank Matt for his
many contributions since the formation of the company."
About Jazz Pharmaceuticals, Inc.
Jazz Pharmaceuticals is a specialty pharmaceutical company focused on
identifying, developing and commercializing innovative products to meet unmet
medical needs in neurology and psychiatry. For further information see
http://www.JazzPharmaceuticals.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995
This press release contains forward-looking statements, including, but not
limited to, statements related to the continued development of Jazz
Pharmaceuticals' JZP-6 product candidate, the potential future profitability
of Jazz Pharmaceuticals, and the estimated charge related to the workforce
reduction. These forward-looking statements are based on the company's
current expectations and inherently involve significant risks and
uncertainties. Jazz Pharmaceuticals' actual results and the timing of events
could differ materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which include,
without limitation, risks related to the development of Jazz Pharmaceuticals'
JZP-6 and JZP-8 product candidates, including the risk that clinical trial
results may require Jazz Pharmaceuticals to discontinue their development; and
risks related to the need for additional funds. These and other risk factors
are discussed under "Risk Factors" in the Quarterly Report on Form 10-Q for
the quarter ended September 30, 2008 filed by Jazz Pharmaceuticals with the
Securities and Exchange Commission on November 14, 2008. Jazz Pharmaceuticals
undertakes no duty or obligation to update any forward-looking statements
contained in this release as a result of new information, future events or
changes in its expectations.
SOURCE Jazz Pharmaceuticals, Inc.
CONTACT:
Karen L. Bergman
+1-650-575-1509
or
Michelle Corral
+1-415-794-8662,
both of BCC Partners
for Jazz Pharmaceuticals, Inc.;
or
Jazz
Pharmaceuticals, Inc.
+1-650-496-2800
investorinfo@jazzpharmaceuticals.com
Web site: http://www.jazzpharmaceuticals.com
