July 10 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.