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Biotech / Medical : PROTEOMICS

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To: Jongmans who started this subject	4/3/2003 5:12:18 AM
From: nigel bates	Read Replies (1) of 539

ZURICH, April 3 (Reuters) - Geneva-based proteomics research company GeneProt will lay off 45 of its 95 staff as part of a sweeping reorganisation as a result of the worsening business environment, it said on Thursday. Chief Executive Bertrand Damour said the privately held firm was suffering from the global economic slowdown and a resulting slump in biotech investment. "The big pharmaceutical companies that themselves are facing the crisis are taking fewer risks with early-stage projects and prefer to invest in internal research projects," he said in a statement. GeneProt specialises in discovering and making proteins that it hopes can be harnessed to treat diseases such as Alzheimer's disease, osteoporosis or multiple sclerosis. Its partners include Novartis AG (NOVZn.VX), Serono (SEOZ.VX), Waters Corp (NYSE:WAT - News), LION Bioscience (XETRA:LIOG.DE - News), Hewlett-Packard Co (NYSE:HPQ - News) and Bruker Daltronics Inc (NasdaqNM:BDAL - News).

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