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UPDATE 1-Medicines Co cuts 10 pct jobs, sees charges
January 12, 2010 / 12:03 PM / 8 years ago

UPDATE 1-Medicines Co cuts 10 pct jobs, sees charges

* Cuts 31 office-based employees

* Expects to save $6.5 mln to $7.5 mln annually

* Sees charges of $4 mln in Q1

Jan 12 (Reuters) - The Medicines Co (MDCO.O) said it cut 10 percent of its workforce, or 31 employees, and expects to take a related charge in the first quarter.

The biotechnology company said it expects to take a one-time charge of about $4 million in the first quarter of 2010, and sees savings of about $6.5 million to $7.5 million annually from the job cuts starting from the quarter.

Medicines Co said in a filing with the U.S. Securities and Exchange Commission that the job cuts will not affect its customer-facing functions, but will reduce its office-based employees.

Shares of the company closed at $8.32 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore)

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