WEX cuts North American workforce by half

By Lisa Kerner

Erie, Pa., March 17 - WEX Pharmaceuticals Inc. said it is reducing its North American workforce by more than 50% for an expected cost saving of about $1 million per year in direct salaries and related costs.

The company said it plans additional measures to extend its financial resources, allowing for the continued development of its lead product candidate, Tectin, for pain management.

Dr. Jean Bourgouin, executive vice president and chief medical officer, will leave his position with WEX but will remain a member of the company's scientific advisory board.

WEX Pharmaceuticals Inc. discovers, develops, manufactures and commercializes drug products to treat pain. The company is based in Vancouver, B.C.

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