Eiffel looking to cut costs

Drug re-engineering company Eiffel (ASX:EIF) has issued shares worth a total of $70,000 as part of the cancellation of an employee contract, and is looking to cut costs.

"[The shares] were issued in consideration of the cancellation of an employee's contract and engaging them as an external consultant," said Eiffel chairman Tom Hartigan. "You can't get someone to just rip a contract without some consideration."

Eiffel is also looking at ways to manage expenditure and capital requirements.

Hartigan said the company is trying to cut fixed costs such as rent and travel costs. "You name it, we're watching it," said Hartigan. "We have significantly reduced the cost structure of the company."

Eiffel has engaged an international accounting firm to provide the company with advice on its financial position and capital requirements.

Hartigan said that Eiffel is also exploring a number of commercial opportunities to raise further capital in the coming months.

"We have half a dozen options in front of us, both here and overseas," said Hartigan but did not want to elaborate further as to what these options were.