WEX Pharmaceuticals Inc. Corporate Restructuring
Vancouver, BC (March 17, 2006) -WEX Pharmaceuticals Inc. (“WEX” or the “Company”) today announced that it is reducing its workforce in North America by more than 50% for an expected cost saving of approximately $1,000,000 per year in direct salaries and related costs. The Company will also be taking additional measures to extend its financial resources to allow for the continued development of its lead product candidate Tectin™.
Dr. Jean Bourgouin, Executive Vice President/Chief Medical Officer, will leave his position with the Company. Dr. Bourgouin will remain with the Company as a member of the Scientific Advisory Board and has agreed to provide future services to the Company on a consulting basis.
“We have to significantly reduce the size of our workforce in order to focus sufficient financial resources on the continued development of Tectin™,” said Dr. Edge Wang. “It is extremely difficult to lay off so many talented and dedicated colleagues. However, we are determined to overcome the recent setback in our clinical development to achieve our fundamental corporate goal of bringing Tectin™ to patients as a promising new therapeutic for pain management.”
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain. The Company’s principal business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for the global market. The Company’s Chinese subsidiary sells generic products manufactured at its facility in China.
Forward Looking Statements
This News Release contains forward-looking statements which may not be based on historical fact. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
- Contact Information
- Don Evans
- V.P. Corporate Communications
- WEX Pharmaceuticals Inc.
- Contact via E-mail
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