Nastech Pharmaceutical Company Implements Additional Workforce Reduction as Part of Previously Announced Corporate Restructuring
12 Febrero 2008 - 1:05PM
PR Newswire (US)
BOTHELL, Wash., Feb. 12 /PRNewswire-FirstCall/ -- Nastech
Pharmaceutical Company Inc. (NASDAQ:NSTK) announced today that its
Board of Directors has approved a plan to further reduce operating
expenses and align the company's workforce with its strategic,
business and clinical development requirements. "The workforce
reduction of approximately 50 employees will enable us to drive our
key clinical development and RNAi programs forward in a more
efficient manner for the benefit of our shareholders," stated
Steven C. Quay, M.D., Ph.D., Chairman and CEO of Nastech. "The
savings by this action are estimated to be not less than $11
million during the 2008 fiscal year." About Nastech Nastech is a
clinical stage biopharmaceutical company focusing on the
development and commercialization of innovative therapeutic
products based on its proprietary molecular biology-based drug
delivery technologies and, through its wholly-owned subsidiary,
MDRNA, Inc., based on its proprietary ribonucleic acid interference
technology. Nastech and its collaboration partners are developing
products for multiple therapeutic areas including osteoporosis,
obesity, diabetes, autism, respiratory diseases and inflammatory
conditions. Additional information about Nastech is available at
http://www.nastech.com/. Nastech Forward-Looking Statements
Statements made in this press release may be forward-looking
statements within the meaning of Federal Securities laws that are
subject to certain risks and uncertainties and involve factors that
may cause actual results to differ materially from those projected
or suggested. Factors that could cause actual results to differ
materially from those in forward-looking statements include, but
are not limited to: (i) the ability of Nastech or a subsidiary to
obtain additional funding; (ii) the ability of Nastech or a
subsidiary to attract and/or maintain manufacturing, research,
development and commercialization partners; (iii) the ability of
Nastech, a subsidiary and/or a partner to successfully complete
product research and development, including preclinical and
clinical studies and commercialization; (iv) the ability of
Nastech, a subsidiary and/or a partner to obtain required
governmental approvals; and (v) the ability of Nastech, a
subsidiary and/or a partner to develop and commercialize products
that can compete favorably with those of competitors. Additional
factors that could cause actual results to differ materially from
those projected or suggested in any forward-looking statements are
contained in Nastech's most recent periodic reports on Form 10-K
and Form 10-Q that are filed with the Securities and Exchange
Commission. Nastech assumes no obligation to update and supplement
forward-looking statements because of subsequent events. Contacts:
Nastech Matthew Haines Senior Director, Investor Relations and
Corporate Communications (212) 209-3874 Russo Partners, LLC David
Schull (Media) (212) 845-4271 DATASOURCE: Nastech Pharmaceutical
Company Inc. CONTACT: Matthew Haines, Senior Director, Investor
Relations and Corporate Communications of Nastech, +1-212-209-3874,
; or Media, David Schull of Russo Partners, LLC, +1-212-845-4271,
for Nastech Web site: http://www.nastech.com/
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