Indevus to cut workforce by 12 percent

Indevus Pharmaceuticals plans to reduce its workforce by about 12 percent after a regulatory delay for the Lexington company’s testosterone drug.

Indevus says most of the cutbacks will be at its headquarters. It will record a third-quarter restructuring charge of $3 million to $4 million.

The company received a letter from the Food and Drug Administration indicating the drug, Nebido, could be approved if the company adequately responds to some safety concerns.

Indevus says a small number of patients in Europe have experienced respiratory symptoms, such as coughing or shortness of breath, after being injected with Nebido. The company says the drug is safe and effective.

Indevus shares fell 5 cents to close at $1.51.
(AP)