NEW YORK, April 3 - Swiss proteomics company GeneProt will lay off 45 of its 95 staff as part of a broad reorganization it said is largely the result of a deteriorating business climate.
CEO Bertrand Damour told GenomeWeb the company will lay off the staffers in two weeks in accordance with a Swiss employment law. He also stressed that the company, which discovers and manufactures proteins it hopes might be used to treat certain common diseases, is now equipped technologically to where it can operate with the reduced headcount.
"The big pharmaceutical companies are also facing a financial crisis, and they are taking fewer risks with early-stage projects and prefer to invest in internal research projects or in later-stage projects," he said. "We believe our smaller size will allow to perform better in this market. We will now be able to secure deals with more smaller companies rather than hunting for the few big elephants in the market."
The news was first reported by Reuters.