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Business Update
Benitec implements cost reductions
May 18th, 2006
Benitec, Ltd., a developer of RNA interference (RNAi)-based therapeutics, has implemented a cost reduction plan within its U.S. subsidiary in order to preserve capital while continuing to progress its drug development programs. Benitec has reduced its workforce by 50%, anticipating a nearly US$100,000 monthly savings. The company has implemented further expense reductions associated with its drug development programs as well as significantly reducing its facilities costs, resulting in an additional US$250,000 monthly savings. The company expects these cost reduction measures to result in a 50% decrease in monthly spending levels, representing approximately US$4 million...
Source: Biotech Business Week (2006-05-18)
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