Proneuron CEO Nir Nimrodi confirmed that the company will lay off staff shortly.
Sources inform ''Globes'' that Proneuron Biotechnologies Ltd. is firing 5-8 of its 15 employees, in its second wave of lay-offs in the past six months. The lay-offs are apparently because of problems in the Phase II clinical trials of the company’s product for rehabilitation of spinal cord injuries, and problems with the company’s collaboration with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA). The lay-offs basically shut down the company’s activity.
Proneuron CEO Nir Nimrodi confirmed that the company will lay off staff shortly, but declined to confirm the number.
Published by Globes [online], Israel business news - www.globes.co.il - on August 24, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006