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Biotech / Medical : Forbes-Meditech, FMI,V

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From: Pied Piper	2/12/2007 8:45:04 AM
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Forbes to cut Canadian workforce by 20%. TORONTO, Feb 12 (Reuters) - Forbes Medi-Tech Inc. (FMI.TO: Quote, Profile , Research) said on Monday it will cut its Canadian workforce by about 20 percent in a bid to stretch its working capital through the first half of next year. The biotech company said most of the cuts, effective March 1, will affect research and development staff at its pharmaceutical development arm. The re-focused pharmaceutical development program will concentrate on the FM-TP series of compounds, which target targeting Metabolic Syndrome and related diseases such as diabetes and inflammatory lung disease. Reuters Pictures Photo Editors Choice: Best pictures from the last 24 hours. View Slideshow The company said its drug discovery and development efforts related to the FM-TP series of compounds will be done at its new facility in San Diego. Forbes said the cost-cuts and anticipated revenue to be generated by its ingredient business will help extend its working capital through the second quarter of 2008, compared with the end of 2007 as previously estimated. yahoo.reuters.com -58_N12296614&type=comktNews&rpc=44 Piper

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