Melbourne, Nov 20, 2008 AEST (ABN Newswire) - Leading developer of RNA interference (RNAi)-based therapeutics Benitec Limited (ASX:BLT)(PINK:BNIKF) announced today that it has, with immediate effect, implemented steps to further reduce its cash burn. These measures are designed to guarantee that the Company maintains sufficient funding to finance its near term key activities including ongoing negotiations with CSIRO, IP prosecution and maintenance and the City of Hope collaboration.
A broad program of cost reduction initiatives involving the suspension of various projects, principally around the Company's R&D program and corporate overheads, has been implemented. These measures will result in the termination of several staff members including Dr Jason Smythe, Benitec's Chief Scientific Officer.
"Given the unprecedented events we are witnessing in the global capital markets, we have made these difficult decisions to ensure Benitec has sufficient cash reserves to survive these challenging economic times," said Sue MacLeman, CEO, Benitec Limited.
"In the present funding environment and with the uncertainty around the patent reexam and the protracted CSIRO negotiations, we believe that the reduction in activities, while deeply regrettable, is both necessary and prudent" she added.
Contact
BENITEC LTD
Sue MacLeman
Chief Executive Officer
TEL: +61-437-211-200
| ||
|
