Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Agennix AG Plans To Reduce Workfrce As Part Of Restructuring - Quick Facts

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."

Register
To receive FREE breaking news email alerts for Agenix Limited and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks came under pressure in early trading on Friday and remained firmly in the red throughout the remainder of the trading session. With the losses on the day, the S&P 500 pulled back well off yesterday's record closing high. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border. Despite calls from some leading conservatives, the results of a new CNN/ORC International poll released Friday showed that a vast majority of Americans do not believe that President Barack Obama should be impeached and removed from office.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.