Cerylid regroups, lays off staff
Thursday, 04 September, 2003
Unlisted Melbourne company Cerylid Biosciences has reorganised, necessitating the layoff of a portion of its staff.
But management at the natural products drug discovery company was quick to reassure Australian Biotechnology News that the strategy is not a sign of trouble for the company, but rather a step taken to realign the needs of the business.
"The reorganisation is due to a realignment of projects, and the company's needs going forward," said Cerylid CEO Dr Jackie Fairley.
"Like many in the sector, we're keeping an eye on cash burn, but we're in a strong cash position, with two years of cash available."
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