Elan to cut spending by $100m
Elan chief financial officer Shane Cooke made the announcement after its losses almost doubled in the first quarter as it spent a significant sum on the launch of its ill-fated Tysabri multiple sclerosis drug before suspending sales in a blaze of publicity in late February.
“After the voluntary suspension of Tysabri in February, we took immediate actions which will reduce our operating cash burn by $100 million to about $250 million in 2005,” he said in a statement.
