Vivus to cut jobs after disappointing quarter

|By:, SA News Editor

Vivus (VVUS) trades 4% lower AH as the company reports a wider-than-expected loss for Q3. Qsymia sales for the period print at $6.4M.

The company says it is cutting its workforce by 17% (20 employees) in an effort to "eliminate expenses that are not essential to expanding the use of Qsymia."

Employee termination costs, operating lease exit costs, and "other associated costs" are expected to come in at $6-8M for Q4.

Annual net cost savings of $6-8M should begin in FY14.

CEO Seth Fischer calls the results "disappointing," but says changes have been made. (PR)