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
Etihad Airway's Chief Executive Officer James Hogan will leave in the second half this year. Hogan has been with the Abu Dhabi based aviation group since 2006. Chief Financial Officer James Rigney also will depart from service. Seafood lovers must now be prepared to dole out more cash than before for salmon. The price of salmon has surged globally and is now at historic highs amid acute outbreaks of sea lice. According to data from the Nasdaq Salmon Index, the price of salmon has risen by more than 15 percent in the last three months. Health-food restaurant chain Freshii Inc. has increased the price range for its initial public offering in Canada. Freshii has raised the price range for its IPO to C$10 to C$11.50 per share from the prior range of C$8.50 to C$10.0 per share, BNN reported.
comments powered by Disqus
Follow RTT