Hollis-Eden cuts 33% of staff to weather crisis
In light of the economic downturn, USA-based Hollis-Eden Pharmaceuticals has implemented an aggressive cost-cutting plan in order to preserve capital.
The firm is to focus its resources on advancing the Triolex (HE3286) and Apoptone (HE3235) development programs. To achieve this, Hollis-Eden will reduce its workforce by around 33%, or 20 employees, as well as freeze salaries and suspend bonuses for all remaining staff, including executive officers. The firm believes that, as it had no outstanding debts, this will allow it to operate without reliance on equity markets.
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