Emisphere says staff moves cut costs
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- August
- 11
Second-quarter losses at Emisphere Technologies Inc. were reduced as the company’s 2007 decision to move management from Eastview to New Jersey and to cut staff helped reduce expenses, it said.
Emisphere reported a net loss of $7.63 million, or 25 cents a share, on revenue of $14,000. For the comparable quarter a year earlier, it had a net loss of $12.1 million, or 43 cents a share, on revenue of $398,000.
A new management team last year shook up the biotech researcher. It moved its senior management from The Landmark at Eastview to new headquarters 50 miles away in Cedar Knolls, N.J., south of Parsippany.
By splitting its campus, it was able to trade laboratory space in Westchester at some $50 a square foot for office space in New Jersey at about $20 a square foot, company spokesman Bob Madison said.
Emisphere also cut staff since last year by about 40 percent, chiefly people in information technology, finance, and human resources, he said. It currently employs 71 people. The cost-cutting has saved the business about $1 million annually, he said.
This entry was posted
on Monday, August 11th, 2008 at 3:16 pm by Jerry Gleeson.
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