Genesis R&D subsidiary lays of half its staff
Wednesday, 28 July, 2004
New Zealand company Genesis R&D (NZX/ASX: GEN) has laid off more than half of the staff from its subsidiary AgriGenesis, due to a lack of success in raising capital for the spin-out company.
Along with the lay offs, the company is reducing its investment in research programs at AgriGenesis, suspending some of the early stage projects. 25 of the 54 staff will remain with the company to continue the core research programs.
AgriGenesis CEO Peter Lee said the IP from the discontinued projects would remain in the hands of the company, which would continue to seek partnering opportunities for its projects.
The plant biotech company has a number of existing commercial collaborations in place with groups including US and NZ forest biotech company ArborGen, NZ agribusiness Wrightson, and crown research institute HortResearch.
Genesis R&D CEO Jim Watson said the lay offs were necessary to focus the company's resources on the highest priority projects in its portfolio, including its ongoing AVAC clinical trial for paediatric eczema.
He said the company's expected cash balance at the end of 2004 would be sufficient to fund ongoing operations for several years.
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