NEW YORK, Nov. 21 - Two weeks after being delisted from the Nasdaq exchange, Pharsight said it will dismiss 20 percent of its staff and cut second-tier products and services.
Pharsight said the move, designed to shift more attention to its core products and services, was devised to save the company between $2 million and $2.5 million a year. The firm, which will incur a one-time charge of $200,000 in the fourth quarter for the action, took similar steps four months ago when it laid off 15 percent of its workforce as one component in a broader plan to save $3 million per year.
It was not immediately clear how many people 20 percent represents, or what resources it defines as "not integral." Pharsight says on it web site that it currently employs more than 100 people in its base in Mountain View, Calif., and in offices in London; Cary, NC; Lexington, Mass.; and San Francisco. Officials from Pharsight did not return telephone calls seeking comment.
In a statement, Pharsight president and CEO said: "We trust that our increased concentration on our core offerings and continued control over spending will strengthen the foundation for Pharsight's future growth and profitability."