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The company has been streamlining and refining its operations over the past 18 months. In the final stage of the process carried out recently, the number of staff in the R & D and technology development areas has been reduced, in line with continued refocusing on diagnostics activities. At the same time, a new head of product development and regulatory affairs has been appointed to further bolster the company's capabilities in bringing new products to marketable stage.
The company has reduced its headcount by 17 since June 2008, from 42 to 25, including the closure of its therapeutics business in Boston. This is the end step in a process which began with the divestiture of the former technology business and non-core research programs to focus on developing and commercializing diagnostic products.
This restructure, together with other cost management initiatives, will see Tyrian's ongoing gross operating expenditure reduce by approximately $250,000 per month after first quarter of 2009.
In parallel with streamlining its R&D capabilities, the company has strengthened its product development team with the appointment of Michelle Gow as head of product development and regulatory affairs, with effect from March 1, 2009.
Jenny Harry, CEO of Tyrian, said: "All our effort is now focused on completing our existing partnered products for commercialization, and building our product pipeline to leverage our intellectual property position in point-of-need diagnostics. I believe we now have the right mix of skills and talent within the company to achieve our corporate objectives while continuing to optimize cost efficiencies for the business."
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