Mark Pruzanski, Intercept CEO (GlobeNewswire via YouTube)

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.

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