Forbes Medi-Tech lays off R&D workers

Canada's Forbes Medi-Tech is laying off 20 percent of its workforce as the company restructures. Recently, shares of Forbes Medi-Tech lost half their value when the drug developer announced FM-VP4 did not lower bad cholesterol by 15 percent. It did, however, hit its primary endpoint. Forbes said the company is looking to license out FM-VP4. The re-focused pharmaceutical development program will concentrate on the FM-TP series of compounds targeting diseases such as diabetes, Metabolic Syndrome and inflammatory lung disease.

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