Medical Device Co Bioness Inc. to Implement Cutbacks
8/25/2011 7:53:20 AM
Bioness Ltd. will greatly reduce its activity by the end of this year, states Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA), which owns 4.5% of the medical device company, in its financial report for the second quarter of 2011. Bioness has 137 employees in the US and 87 in Israel. Teuza president and CEO Avi Kerbs hopes that the cutbacks will not affect activity in Israel. "Costs in Israel are not high, so we do not intend to greatly reduce operations. There is always a risk that a decision will be made to move operations to the Far East, but there are no such plans at the moment. We have a contract with the Office of the Chief Scientist," he told "Globes".