Kenneth Galbraith laid out the Vancouver-based biotech’s strategic priorities for the next two years after markets closed Wednesday. He said the company will focus on cost efficiency, which included the exit of half the company’s senior management team and a promise to reduce headcount by at least 25 per cent by the end of the year. (The Logic)

Talking point: The company’s stock plummeted the following day, falling more than 14 per cent to US$11.55, marking a three-year low. Its shares continued to fall Friday on the New York Stock Exchange, reaching an intraday low of US$11. The company named Galbraith, a former board member, to the top post earlier this year, and he assumed the position Jan. 15. Galbraith said the company needs to improve its financial position to fund its strategic priorities for the next two years, including several clinical studies.