Agennix will reduce its staff by nearly 55% to conserve cash, as part of its restructuring plan.
Agennix chief financial officer and the management board spokesperson Torsten Hombeck said Agennix objective of conserving cash has necessitated staff reductions in both Germany and the US.
''I would like to express my sincere appreciation to our affected employees for their valuable contributions to Agennix,'' Hombeck added.
''We are working with our Supervisory Board to determine the Company's direction and will provide an update in the near future."
The company will shut down its Houston site and will reduce a total staff of 37 employees, which will take place in two tranches.
The restructuring programme is expected to be completed in November and the company will have 30 retained employees to work on talactoferrin program and in the assessment of the company's strategic options.