LONDON ¿ Cortecs plc revealed the drastic nature of its restructuring last week, announcing that since new management took over in December 1998 staff numbers have fallen from 317 to 140, and cash burn is down by two-thirds, from #23 million to #7 million.
Further disposals are planned during this year which will bring the head count down to 80.
CEO Phil Gould said the company, now based at one site in Deeside, North Wales, has been reformed from a fully integrated operation to be positioned as an early stage research and development company. It will focus on developing therapeutic peptides, vaccines and point-of-care diagnostics. ¿ Nuala Moran