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After failing to close new research contracts with pharmaceutical companies, GeneProt announced earlier this month that it would lay off 45 of its 95 employees and adjust its strategy to the current economic climate.

This radical step follows on the heels of an earlier round of layoffs, when GeneProt let 20 employees go as part of an effort to cut its burn rate down to $23-25 million in 2003 (see ProteoMonitor 11-4-02). The new goal is to cut costs even further, to $14 million in 2004, according to CEO Bertrand Damour, who formerly served as CFO.

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