Saving Cash, Addex Cuts One Fourth of its Work Force.

BioWorld Today Correspondent

Addex Pharmaceuticals SA is laying off around a quarter of its work force in order to conserve cash and focus its resources on priority projects. The company aims to realize around CHF8 million (US$9.5 million) in annual savings as a result of the measure, which will extend its cash runway by six to nine months, out to the end of 2013.

"During that time we will have results. It will give us more time to make deals," Executive Chairman Andre Mueller told BioWorld Today. The change will largely take effect next year. "It will have some effect this year u not a lot," he said. The company exited 2010 with CHF63.8 million on its balance sheet. …