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Lion Bioscience to Lay Off At Least Half of Staff In Latest Restructuring

NEW YORK, Nov. 18 (GenomeWeb News) - Lion Bioscience will cut its staff by at least 50 percent as the German bioinformatics company continues to restructure itself in the face of dwindling revenue, the firm said today.


Lion said it will operate with between 50 and 70 employees, down from the 142 staffers it had as of Sept. 30, in fiscal 2005-2006. Lion's fiscal year begins on April 1.


The company said it would incur the costs from this restructuring during the current fiscal year.


Lion also said today that it can not achieve its operating forecast for the current fiscal year, and, for FY 2005, it will reduce its Heidelberg, Germany, headquarters to core management functions and staff needed to perform duties needed for its cheminformatics partnership with Bayer.


Lion said its SRS bioinformatics and LeadNavigator cheminformatics products will be headquartered in subsidiaries in Cambridge, UK, and Cambridge, Mass., respectively, and new funds will be disbursed to operations "only if the unit is profitable," Lion said in a statement.


Lion earlier this week restructured its executive staff and decided to delist its American depositary shares from the Nasdaq exchange.

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