CALGARY, Oct. 20 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS), a
biotechnology company developing a portfolio of therapeutic proteins, today
announced it has implemented a substantial cost reduction program to conserve
existing cash resources in order to extend its development runway in response
to the current challenging capital markets environment. The Company will focus
its resources on the completion of the near-term development milestones for
its insulin and Apo AI programs, that directly align with the company's
partnering strategies for these two products. The company has reduced its
headcount to 45 employees. This is a reduction in staff of more than
40 percent. In addition, the Company is curtailing expenditures on those
activities that are not critical to the achievement of its partnering
objectives.
