Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) has announced salary cuts of 10-50% for employees and directors, citing the global market climate. The company's board also recommended cutting salaries at the company's subsidiaries.
Biolight had NIS 23 million in cash at the end of September 2008.
Biolight has already cut back in activity and closed one portfolio companies, Allergica, leaving it with three, IOptima Ltd.OBEcure, and Zetiq Technologies Ltd. Allergica had the farthest to go to reach market of the companies. Biolight distributed Allergica's $1.5 million budget among the other companies.
Biolight's share rose nearly 40% yesterday and the day before, but fell 3.7% by midday today to NIS 0.60, giving a market cap of NIS 31.2 million. The share has risen 400% since the beginning of the year, after Zetiq announced good results in its clinical trial for its cancer diagnostic technology, and OBEcure announced the completion of recruitment in a trial for its obesity treatment.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009