Marine Bio (MBII) Plans Job Cuts

Marine Bio (NASDAQ: MBII) announced it has streamlined its business operations.

These changes are focused on reducing operating expenses and conserving cash, primarily through headcount reductions of approximately 23% and improved efficiency in all departments. This action further builds upon the Company’s previously announced pipeline prioritization plan, which focuses the business on products that are expected to have the greatest near-term growth potential. These changes are also intended to best position the Company to respond to the business challenges reflected in its financial results for the first half of the year and to address the recent departures of its COO and several of its sales staff.

Pam Marrone, Chief Executive Officer, commented “We continue to push forward with a long-term, global vision for the business that remains fundamentally unchanged. At the same time, we believe that reducing expenses in connection with a refocusing of our business development efforts was the prudent thing to do. We expect to forge a stronger and more focused organization, and we remain dedicated to our long-term goal of driving value to our shareholders, our partners, our customers and our community.”

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