Addex restructuring

Addex Pharmaceuticals Ltd. (SIX:ADXN) plans to restructure and reduce headcount by about 25% to reduce costs. The company expects the changes to produce annual savings of CHF8 million ($9.4 million) and extend the company's cash through the end of 2013. Addex will disclose details on the restructuring after a consultation period required by Swiss law, which the company said is typically 10 business days. At Dec. 31, 2010, the company had CHF68.3 million ($68 million) in cash and a 12-month operating loss of CHF33.6 million ($35.9 million). Addex was off CHF0.10 to CHF10 on Thursday. ...