Saving Cash, Addex Cuts One Fourth of its Work Force
By Cormac Sheridan
Friday, July 8, 2011
Addex Pharmaceuticals SA is laying off around a quarter of its work force in order to conserve cash and focus its resources on priority projects. The company aims to realize around CHF8 million (US$9.5 million) in annual savings as a result of the measure, which will extend its cash runway by six to nine months, out to the end of 2013.
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