Development on drug development to cease...outsourcing will begin...more focus on dietary supplements...BD
VANCOUVER, BC -- Forbes Medi-Tech today announced a plan to focus exclusively on its revenue-generating nutraceutical business, which includes functional foods and dietary supplements, and cease all in-house drug development activities. The restructuring plan involves staff reductions across various departments within the Company's current active workforce. The Company is retaining key personnel required in order to achieve immediate and longer term goals.
The Company plans to close its drug development facility in San Diego, California and reduce its current total workforce by approximately one-third, affecting employees in the U.S. and Canada. Forbes will continue to seek favorable business development opportunities for its pharmaceutical business unit, including out-sourcing and licensing agreements. The Company retains the ownership and rights to drug compounds and technologies within its intellectual property portfolio.