Spurned by the FDA, In­ter­cept brings out the bud­get axe and chops 170 jobs

The un­ex­pect­ed CRL that land­ed at In­ter­cept Phar­ma­ceu­ti­cals $ICPT 2 months ago is cost­ing the biotech dear­ly.

In an SEC fil­ing Tues­day, the com­pa­ny said that it is slash­ing 25% of its work­force, or a to­tal of 170 jobs. The move — with the bulk of the cuts com­ing in Q3 — will cost the com­pa­ny $18 mil­lion, In­ter­cept not­ed, adding that it’s re­quired to con­serve cash as they go on try­ing to get an ap­proval for NASH.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER