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Chemokine Therapeutics Withdraws Registration Statement and Implements a Cost Reduction Plan

07 Dec 2007 - Chemokine Therapeutics Corp. announced that the Company has withdrawn the registration statement relating to the public offering, announced on May 30, 2007, due to market conditions. The Company is currently evaluating financing alternatives to fund ongoing activities.
 
The Company has implemented a cost reduction plan that includes reducing the Company's workforce by 65% which is expected to yield annual savings of approximately $1,500,000 in direct salaries and related costs. In addition, the remaining management has voluntarily agreed to a 10% reduction in their salaries. This plan is designed to allow the Company to extend its financial resources and focus on essential operational activities for the continued development of its lead product candidates.
 
As part of the plan, Mr. C. Richard Piazza has resigned as Chief Executive Officer of the Company and Mr. Bashir Jaffer, the Company's Chief Financial Officer, has been appointed as Interim CEO. Mr. Piazza has accepted a position with another organization; however, he will continue to serve the Company as Chairman of the Board. Dr. Mohammad Azab has also tendered his resignation from the Board of Directors for personal reasons.