St. Louis, Missouri-based K-V Pharmaceutical Company has opted for a considerable cut in pharmaceutical jobs as the company reduced its work force by 42%.
In all, the company has chosen to reduce its workforce by 289 employees.
K-V Pharmaceutical’s latest move is part of its efforts to manage its cash and financial resources while it continues working with the Food and Drug Administration to return its products to market.
“We believe it is a necessary step to preserve our capital resources and to re-size our company to be in line with our current expectations of when and how we will be able to return to market,” said David Van Vliet, interim CEO of the company.
He added, “Despite this reduction in our work force, we believe we have retained the capabilities and the overall level of employees needed to effectively support our future re-entry into the market.”
The company is currently working on preparing and filing its fiscal year 2010 quarterly reports on Form 10-Q for the quarters ended June 30, 2009, September 30, 2009 and December 31, 2009, in order to become current in its SEC filings. It expects to file these reports as soon as practicably possible.
In the 2009 Form 10-K, the company reported that it does not anticipate resuming shipping of its products until the fourth quarter of calendar year 2010 at the earliest.
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