LISTED technology company Advanced Ocular Systems Ltd (formerly Regenera Ltd) has announced a major restructuring and cost-cutting that included the closure of its corporate headquarters near Boston and the resignation of its US-based chief executive Kenneth Taylor, following a review of costs. The company will consolidate core corporate activity at its Nedlands office under executive chairman Tony Fitzgerald. “AOS intends to take the shortest operational path to profitability and free cash flow, without jeopardising the future licensing and product development prospects of the company’s significant intellectual property portfolio and product pipeline,” the company said in a statement. The changes come less than a year after the merger of Regenera and AOS, which was designed to create an international business specialising in opthalmic devices. The loss-making company has also raised $2.75 million from the issue of convertible notes.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.