EATONTOWN, N.J., Nov. 6 QMed, Inc.,(Nasdaq: QMED) today announced that the Company has determined tosignificantly reduce its work force in connection with the programs or areaswhich are being eliminated or reduced, in light of QMed not obtainingadditional capital. The Company is reducing its operating structure, as itseeks to maximize the value of the remaining businesses and assets.Accordingly, the Company employee base has been reduced from over 90 toapproximately 30.
Jane Murray, president and CEO, stated, "It is with great sadness thatQMed has had to take this action."
About QMed, Inc.
QMed provides evidence-based clinical information management systemsaround the country to its health plan customers. The system incorporatesDisease Management services to patients and decision support to physicians.The Company's QMedCare subsidiary specializes in serving high-risk populationsof Medicare beneficiaries. The Company also operates a Medicare Demonstrationto test the feasibility of reimbursing its care coordinated DM services in thevast Medicare fee-for-service program. More information on QMed, Inc. can beobtained at www.qmedinc.com, by calling (732) 544-5544 or by [email protected]
Except for historical information contained herein, matters discussed inthis news release are forward-looking statements that involve risks anduncertainties. They include but are not limited to those relating to thetimely implementation of programs, the impact of competitive productintroductions, acceptance and pricing, and those risks detailed in theCompany's filings with the Securities and Exchange Commission (SEC). Actualresults may differ materially from any forward-looking statements due to theserisks and uncertainties.
SOURCE QMed, Inc.