UPDATE: MediChem to Cut Staff by 25 Percent in Restructuring and Laboratory Consolidation | GenomeWeb

NEW YORK, Sept. 20 – MediChem Life Sciences said Thursday it has cut 25 percent of its workforce and will reduce other operating expenses in a restructuring plan designed to save the company $5.5 million in 2002. 

The staff reductions “affected all functional areas in the company,” Richard Wieland, executive vice president and chief financial officer of MediChem, told GenomeWeb. The most significant reductions were associated with the consolidation of MediChem’s laboratory operations in the Chicago area. 

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