Millenium Biologix lays off 35% of staff; seeks financial aid in 'very near term'

By Elaine Rigoli

Tampa, Fla., June 29 - Millenium Biologix Corp. said it will reduce its workforce by about 35%, which is expected to result in a decrease in the company's burn rate to about $650,000 per month by the end of September from the current $1.2 million per month.

The cost of the staff terminations is estimated to be $400,000.

As of June 30, the company had cash of $1 million.

The company also announced the appointment of Brian Fielding as chief executive officer.

The company said it is reviewing various strategic options and is in advanced discussions with investors to obtain the resources necessary to continue execution of the business plan.

The implementation of the company's strategy is entirely dependent on successfully securing additional resources in the very near term, according to a news release.

As a part of these reductions, the company will defer more expensive beta site testing, manufacturing scale-up and initial commercial launch of its Actes system pending the completion of its planned partnering and financing activities, the release said.

Additionally, the company said it has terminated costs associated with its line of synthetic bone graft Skelite products until a corporate partner with established sales and marketing infrastructure to accelerate commercialization and market uptake has been identified.

Millenium Biologix is a biopharmaceutical company located in Kingston, Ont.

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