Inion buys more time with job cuts
This article was originally published in Clinica
Executive Summary
Finnish biodegradable medical implants maker Inion has bought itself an additional month of commercial operations after a reduction in its workforce has enabled it to slow down its cash burn. The firm last Thursday (January 22) said it has cut 15 jobs – 19% of its workforce – from its Tampere base. The move will result in a one-time charge of €70,000 ($90,650) but save the company €500,000 in overall expenditure during 2009, and €640,000 on an annualised basis thereafter. Inion CFO Julien Cotta told Clinica the firm now has cash and cash equivalents to support operations until the end of the first quarter of 2009 – prior to the job cuts, Inion has said it had enough funds to last until February (see Clinica No 1329, p 17). Mr Cotta said the company was in advanced talks to raise more funds.