SYDNEY, Australia--(BUSINESS WIRE)--Tyrian Diagnostics Limited (ASX:TDX - News) announced today the completion of initiatives to align its assets and organisational structure with its business objectives.
The Company has been streamlining and refining its operations over the past 18 months. In the final stage of the process carried out this week, the number of staff in the R & D and technology development areas has been reduced, in line with continued refocusing on diagnostics activities. At the same time, a new Head of Product Development & Regulatory Affairs has been appointed to further bolster the Company’s capabilities in bringing new products to marketable stage.
The Company has reduced its headcount by 17 since June 2008, from 42 to 25, including the closure of its therapeutics business in Boston. This is the end step in a process which began with the divestiture of the former technology business and non-core research programmes to focus on developing and commercialising diagnostic products. This restructure, together with other cost management initiatives, will see Tyrian’s ongoing gross operating expenditure reduce by approximately $250,000 per month after Q1 2009.
Dr Jenny Harry, CEO, commented, “All our effort is now focused on completing our existing partnered products for commercialisation, and building our product pipeline to leverage our intellectual property position in point-of-need diagnostics. I believe we now have the right mix of skills and talent within the Company to achieve our corporate objectives while continuing to optimise cost efficiencies for the business.”
In parallel with streamlining its R & D capabilities, the Company has strengthened its product development team with the appointment of Ms Michelle Gow as Head of Product Development & Regulatory Affairs, with effect from 1 March 2009. Michelle has extensive experience in guiding products through to the market in different jurisdictions, having worked in Australia, the United States and South Africa. She has served as Director of Corporate Quality & Regulatory Affairs with ASX listed Unilife Medical Solutions since 2004. For Tyrian, she will take responsibility for transferring successive products onto the Company’s DiagnostIQ platform and coordinating all aspects of preparation of these products for the market.
About Tyrian Diagnostics
Tyrian Diagnostics (ASX:TDX - News) is a diagnostics company with expertise in biomarker discovery and validation and diagnostic test development and a core focus on respiratory and infectious diseases. In addition, Tyrian can partner in alternative fields given its capabilities to work across the entire spectrum of diagnostic test development – from identification and validation of biomarkers, point-of-need test design, clinical development or field testing to final product. Tyrian’s product pipeline includes a WheatRite test for measuring wheat quality, partnered with Bayer CropScience, and a diagnostic test for active tuberculosis, in collaboration with Becton Dickinson and Company (BD).
Additional information about Tyrian Diagnostics can be found at www.tyriandx.com.
Dr Jenny Harry, +61-2-8877-8947
Chief Executive Officer