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DiaGenic ASA Implements Cost Reduction Program; to Cut Jobs


Monday, 26 Aug 2013 02:45am EDT 

DiaGenic ASA announced that it will implement a program to reduce the Company's operational expense level. The program is aimed to maximize DiaGenic's flexibility related to corporate development initiatives while retaining core capabilities for its current business critical operations. As part of this cost reduction initiative, the Company expects to complete a staff reduction, as well as to seek reductions in facility and administrative expenses. The estimated cost saving upon full effect is estimated to be in excess of NOK 600,000 per month. The Company is in late stage of exploratory development of two product candidates, AMYtectT and MCItect. Top line results from these studies are expected around the end of the third quarter of 2013, and full study readouts are planned for the fourth quarter of 2013. The Company's third product ADtect is pending a validation study ready to be performed following readout of the above studies. Following positive results from DiaGenic's on-going studies and prior to clinical use, both products must undergo validation studies, which will require additional equity financing, strategic partnerships, or an asset or trade sale. The cost reduction program is focused on shorter term asset value development while maximizing DiaGenic's flexibility for longer term Company development within the current financial framework. 

Company Quote

0.81
-0.01 -1.22%
16 Apr 2014