Agennix AG (AGX.AX) Friday announced that it is contemplating to implement a restructuring program to conserve cash for taking new strategic steps for future progress.
The publicly listed biopharmaceutical company stated that as per the restructuring plan, the total workforce of the company would be reduced by approximately 55 percent.
The Company's restructuring plan involves a total staff reduction of 37 employees, which will take place in two tranches. The Houston site will be shut down as a result of the restructuring. Following the completion of this restructuring in November of this year, the Company will have a total of 30 employees, who are being retained to work on certain ongoing activities related to the talactoferrin program, as well as to assist in the assessment of the Company's strategic options.
Torsten Hombeck, Ph.D., Chief Financial Officer and Spokesperson of the Management Board, said: "Our immediate objective of conserving cash has sadly necessitated significant staff reductions in both Germany and the U.S. I would like to express my sincere appreciation to our affected employees for their valuable contributions to Agennix. We are working with our Supervisory Board to determine the Company's direction and will provide an update in the near future."
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