Admedus Ltd (ASX:AHZ) has introduced a global restructuring initiative to address costs, review commercial effectiveness and accelerate the company’s path to profitability.
This follows the resignation of the CEO and appointment of Wayne Paterson as interim chairman.
The review will address all facets of research and development programs to ensure project prioritisation.
A focus is on achieving reductions in operating expenditure as well as addressing global financing of its operations.
A clinical program review will see a global evaluation of R&D initiatives and clinical trials across the organisation as well as a manufacturing review that targets yield and cost improvements.
The results of the restructuring initiative will be delivered before Monday, 11 July 2016.
For the period ending March 2016, YTD sales were up 49% to $9.7 million.
The company had $13 million in cash at the end of March 2016.
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