Forbes Medi-Tech gets out the axe, restructures

Forbes Medi-Tech says it will slash a third of its staff and shelve all in-house drug development work as it focuses its efforts on the nutraceutical business. The shakeup includes a move to shutter the company's drug development facility in San Diego.

"We realize the need to realign our business to focus on areas that are generating immediate revenue," the company said in a statement. "The head count and expense reductions that we're announcing today, while difficult, allow us to focus on further developing our nutraceutical business."

- here's the release
- read the report from AFX

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