Ambri reveals plans to slash workforce
Thursday, 24 February, 2005
Medical diagnostics company Ambri (ASX:ABI) has announced plans to halve its workforce and is on the hunt for new medical diagnostic products to shore up its product pipeline after the suspension last year of its SensiDX project.
Releasing its half-year results today, Ambri said it would reduce employee numbers from 60 to 32, aiming to reduce its cash burn by AUD$500,000 after recording a half-year loss of $5 million -- almost the same as the corresponding period last year.
The company intends to channel these savings into near-term medical diagnostic products.
Work on the company's SensiDX diagnostic system was suspended in November when the company's pregnancy test chip failed to meet the requirements of a commercial viability trial. Ambri is now counting on securing partners to commercialise its ion channel sensor diagnostic tests.
The company had $14.3 million in cash reserves at the end of the half year to December 31.
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