Paion Reduces Number of Employees
AACHEN, Germany 22 June 2007 - The biopharmaceutical company Paion AG (FSE: PA8) announced today that the management board and the supervisory board agreed on an action plan to significantly reduce external and internal costs. The decision was taken based on the unexpected results of the Phase III study DIAS-2 which was conducted with the drug candidate Desmoteplase. As part of the extensive package the company will adapt its personnel structure already on short notice and is going to reduce its workforce by 26 employees to a total of 70. Currently PAION is conducting a detailed analysis of the DIAS-2 results after which it will decide on the steps necessary to continue with its pipeline programmes. The personnel reduction affects almost every part of the company and is carried out with the proviso that the development organisation as such remains functional. PAION expects that the adopted action plan will result in cost savings of at least 2 million Euros per year.
Posted: June 2007