Amag Pharma Cutting 68 Jobs

11/1/10

Lexington, MA-based Amag Pharmaceuticals (NASDAQ:AMAG) said last week that it planned to cut 68 jobs or 24 percent of its work force to reduce its expenses. The cuts were announced along with the firm’s third-quarter financing results, which included a lackluster $15.1 million in revenue from sales of ferumoxytol (Feraheme), a drug for treating iron deficiency anemia in patients with chronic kidney disease. “As our sales in the dialysis segment have begun to decline at a rate quicker than our growth in the non-dialysis chronic kidney disease  segment, we have made the difficult decision to restructure our organization,” said Brian Pereira, the firm’s president and CEO, in a company press release.

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