It’s bill time for Genfit employees. Lille biotech has announced wednesday that it was going to cut 80 jobs around the world, in order to reduce its workforce to 120 people against 200 previously. This decision follows the announcement, on May 12, of the failure of its drug, elafibranor, against Nash, also called “fatty liver disease”. A failure which only confirmed a long list of disappointing tests and a management that is chaotic to say the least, as Mediacités has been able to relate.
Genfit : la figure de proue des biotechs nordistes prend l’eau
The restructuring has in fact already started since forty “natural departures”, intervening since, have not been replaced, according to The echoes. Forty new job cuts are to be added. “The premises that have become too large will be partially sublet”, specifies the economic daily.
With this measure, Genfit intends to reduce its cash consumption, from a current rate of 110 million euros per year to 45 million in 2022. The company can however count on a still abundant cash flow of 226 million euros. euros as of June 30. It is true that it has managed to raise more than 330 million euros by dangling investors with the prospects of the market. . .
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