Monday, February 2, 2009

Hollis-Eden Pharmaceuticals Lops A Third Of Company

San Diego-based Hollis-Eden Pharamceuticals, a developer of biopharmaceuticals, said Monday that the firm is cutting its workforce by approximately 33 percent, or 20 employees. According to the firm, the "aggressive" cost cutting plan is due to the current economic and industry conditions. In addition to the cuts, Hollis-Eden said it would freeze salaries, and suspend bonuses for all of its employees and execuive officers. The firm said the moves would give it a runway of two years.

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