Benitec of Mountain View, CA has cut its workforce in half in order to reduce its burn rate by $100,000 a month. Adding in other cuts, the company expects to reduce its costs by $4 million a year. Sara Cunningham, Benitec CEO, stated, "While these cost reductions will somewhat slow our development timelines in the short-term, we have retained our core scientific team and have thus preserved the current value of our Hepatitis C and HIV drug development programs. Given the tremendous excitement and investment in RNAi, from the pharmaceutical industry and through private and public equity, we will seek to capture the full value of our core assets creatively yet prudently."
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