Report: Furloughs at IBM Corp. hardware unit
NEW YORK – The majority of U.S. employees in IBM Corp.’s hardware unit will be required to take a week off with reduced pay, Bloomberg News reported Tuesday.
The affected workers will take the furlough week starting either Aug. 24 or 31, and will receive one-third of their pay, Bloomberg News reported, quoting IBM spokesman Jay Cadmus.
The company is looking to cut expenses in light of declining hardware revenues, according to the New York-based news outlet.
The furloughs come on the heels of a workforce “rebalancing” that was expected to cost the company close to $1 billion.
Alliance@IBM, an employee group that wants bargaining rights with IBM, has counted a total of 3,312 employees cut in the rebalancing. Lee Conrad, national coordinator with the group, said in an email on Tuesday that the total job cut tally could actually be larger.
Attempts to reach an IBM spokesman were unsuccessful Tuesday.
Pozen posts lower 2Q net loss
CHAPEL HILL – The Chapel Hill-based drug development firm Pozen Inc. reported a narrower net loss of $4 million in the second quarter.
The company reported operating expenses for the quarter of $5.7 million, which were down because of lower development and pre-commercialization costs for the aspirin drug candidates it’s looking to bring to market.
The U.S. Food and Drug Administration has accepted the new drug application for review for Pozen’s two aspirin drug candidates that it has developed for the secondary prevention of cardiovascular disease in patients at-risk for aspirin-induced gastric ulcers, the company reported.
The company saw revenues of $1.7 million in the quarter, compared to $1.8 million in the last quarter primarily from royalties on sales of its drug Vimovo.
Last year the company sold most of its future royalty and milestone payments for U.S. sales of the drug Treximet that it was getting through a collaboration with Glaxo Group Limited. Treximet is a migraine drug that Pozen developed and commercialized with GlaxoSmithKline as a partner.