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Tyrian Restructures Its Operations

Tyrian Diagnostics Limited (Tyrian) announced the completion of initiatives to align its assets and organisational structure with its business objectives. The company has been streamlining and refining its operations over the past 18 months. The number of staff in the research and development and technology development areas has been reduced, in line with continued refocusing on diagnostics activities.

The company has reduced its headcount by 17 since June 2008, from 42 to 25, including the closure of its therapeutics business in Boston. This is the end step in a process which began with the divestiture of the former technology business and non-core research programmes to focus on developing and commercialising diagnostic products. This restructure, together with other cost management initiatives, will see Tyrian’s ongoing gross operating expenditure reduce by approximately $250,000 per month after Q1 2009.

Jenny Harry, chief executive officer, commented “All our effort is now focused on completing our existing partnered products for commercialisation, and building our product pipeline to leverage our intellectual property position in point-of-need diagnostics. I believe we now have the right mix of skills and talent within the Company to achieve our corporate objectives while continuing to optimise cost efficiencies for the business.”