logo
Share SHARE
FONT-SIZE Plus   Neg

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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Grab, the Singapore-based ride hailing company and Uber's biggest Asian rival, said Monday that Chinese ride-sharing company Didi Chuxing and Japan's SoftBank Group Corp. will invest a combined $2 billion to lead Grab's new financing round. Delta Air Lines is allowing some passengers use fingerprints instead of their boarding passes. The pilot program at the Reagan Washington National Airport or DCA will allow members of Delta's SkyMiles loyalty program and enrolled in Clear, a third-party biometric screening program, to use fingerprints as proof of identity to board their plane, the company said in a statement. Oilfield services company Halliburton Co. reported Monday a profit in its second quarter, compared to a hefty loss last year, boosted mainly by strong demand in North America. In pre-market activity on the NYSE, Halliburton shares were gaining 3.9 percent.
comments powered by Disqus
Follow RTT