Millenium Biologix implements cost-cutting measures, lays off staff

By E. Janene Geiss

Philadelphia, Jan. 4 - Millenium Biologix Corp. announced strategic changes that include a modification of its Bone and Cartilage Stimulating Peptides Regeneration Technology program and a staff reduction based on the recent European launch of Primacoll.

"We regret that staff reductions are required at this time, however it is essential that we more tightly focus our activities on near-term value-creating milestones," Sydney Pugh, Millenium's chief executive officer, said in the release.

The number of employees that lost jobs was not released, but the job cuts and other cost-cutting measures will result in a 30% reduction in the company's cash burn rate, according to a company news release.

The company said it will focus resources on near-term commercialization and corporate partnering. It also will continue to advance its program to develop Skelite, an internationally approved bone graft substitute, and its Autologous Clinical Tissue Engineering Systems for Cartilage program, a point-of-care regeneration product for the production of cartilage from patients' own cell samples, officials said.

Research activities related to earlier stage product developments have been curtailed, officials said.

Millenium is a Kingston, Ont., biomedical company focused on the development and commercialization of next generation, implantable medical devices and skeletal tissue regeneration products for targeted orthopedic uses.

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