Lexington, MA-based Epix Pharmaceuticals (NASDAQ:[[ticker:EPIX]]), a developer of drugs for Alzheimer’s disease and Cystic Fibrosis, says that it plans to cut half of its workers immediately to reduce expenses. The cuts will affect a total of 44 workers, with 33 of the employees losing their jobs in Massachusetts, a company spokeswoman confirmed. The company expects the cuts to save it $4.4 million in annual salary and benefits costs. The savings also reflect CEO Elkan Gamzu’s decision to reduce his annual base salary by 50 percent. We’ve added these job cuts to our Boston Tech Layoff Tracker.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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