XTL cuts staff by 25%

The layoffs, 13 in total, follow an announcement in June to reduce staff by 20 and implement salary cuts in order to extend the reach of the company's available funds.

xtl logo 88 (photo credit:)
xtl logo 88
(photo credit: )
XTL Biopharmaceuticals Ltd. said over the weekend it was reducing its Rehovot-based work force by a further 25 percent, as part of a plan to refocus its resources on the development of two of its drugs for hepatitis C - XTL-6865 and XTL-2125. The layoffs, 13 in total, follow an announcement in June to reduce staff by 20 and implement salary cuts in order to extend the reach of the company's available funds. Last week the company said it was in talks to hire a new CEO. Its CEO of 10 years, Martin Becker, resigned from the position a year ago and his replacement, Elkan Gamzu, was ousted, along with other directors, in February by shareholder vote.