Scientists Among 29 Sacked As Genesis Shelves Projects
10/19/2005 5:10:50 PM
New Zealand's largest listed biotech company, Genesis Research, is axing 29 staff in what will be a huge blow for the scientific community.
Several senior scientists will be cut. Most of the jobs will go from wholly owned subsidiary company AgriGenesis, which will be reduced to almost half its size.
AgriGenesis has ambitious plans to develop plant-based petrol alternatives called bio-fuels.
The bio-fuel project will continue but several others will be put on hold.
It is understood that AgriGenesis has been unable to attract enough outside investment to continue in its present form.
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