Cumberland Pharmaceuticals has chopped its national sales force to "more efficiently cover key targets" for its three drugs.
The move cuts 29 sales employees from their jobs, which amounts to about one third of the Nashville-based company’s entire business development effort. It’s unclear why Cumberland made this move other than the obvious reduction in expenses. A filing with the Securities and Exchange Commission says the company is cutting the number of sales regions from 10 to eight.
Cumberland officials could not be reached for comment midday Monday. The company says severance costs related to the sales shuffle will run between $500,000 and $750,000 in the current quarter.
Shares of Cumberland (Ticker: CPIX) are trading up slightly in Monday trading at about $4.50. Year to date, they've fallen about 16 percent.