Benitec reduces costs, cuts workforce

MOUNTAIN VIEW, Calif.—RNAi-based therapeutics specialist Benitec announced it has initiated a cost-reduction plan within its U.S. subsidiary that it anticipates will let it preserve capital during a more aggressive drug development phase. Looking to save about $350,000 per month, the company has reduced its workforce by half and has introduced other cost-saving measures. The move comes as the company sought to develop its IP portfolio and drug development programs but found that it did not have sufficient cash reserves.