* Cuts 42 pct jobs
* Expects to take $500,000 charge in first quarter
March 1 Columbia Laboratories
reduced its workforce by 42 percent and said it is exploring
strategic options, three days after U.S. health regulators
declined to approve the company's drug to reduce the risk of
Columbia, which develops hormone therapies, cut 10 jobs and
said it will record a charge of $500,000 in the first quarter of
2012. It expects savings of about $1.5 million annually from the
The company said it will provide update on the strategic
options on its earnings call on March 8.
On Monday, the U.S. Food and Drug Administration rejected
the drug Prochieve, a vaginal gel that Columbia was developing
with Watson Pharmaceuticals, saying the data was not
strong enough to support approval.
Shares of Columbia closed at 67 cents on Thursday on the