Lexington, MA-based Amag Pharmaceuticals (NASDAQ:[[ticker: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.
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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