Canada's Bellus Health--formerly known as Neurochem--is cutting its staff by 40 percent. The company said in a statement that existing product and product candidates will not be affected by the cuts, which are being made primarily in basic research and research-related functions, as well as support and administrative functions. The layoffs will result in an annual savings of approximately CDN$3.5 million for Bellus. Bellus must reduce its burn rate in order to secure additional financing from Victoria Square Ventures and FMRC Family Trust.
- take a look at Bellus' release