Chelsea Therapeutics to cut jobs, CEO resigns

July 10 Tue Jul 10, 2012 7:05am EDT

July 10 (Reuters) - Chelsea Therapeutics International Ltd said it plans to "significantly reduce" its workforce and explore strategic options, barely a week after the U.S. health regulator asked for an additional trial to approve its hypotension drug Northera.

The company also said Chief Executive Simon Pedder will step down effective immediately.

The job cut is expected to be completed in the third quarter of 2012 and will result in annual salary reductions of at least $3.5 million, excluding any one-time restructuring charges.