Dec 11, 2024, London, UK – BenevolentAI has launched a plan that encompasses an intensive strategic remodeling of the overall operations towards its founding TechBio mission, targeting AI in the areas of drug discovery and development. Such activity is accompanied by a radical restructuring of the organization along with cost-cutting measures, including an evaluation of delisting from the Euronext Amsterdam, to streamline operations and innovation.
Executive Chairman Kenneth Mulvany stated, “Since rejoining the Board, I have initiated a new roadmap that returns our technologies to more adaptable, standalone products tailored to meet our partners’ drug development needs. This ensures quicker integration and versatility across various phases of the development process.”
The Company intends to adopt a strategic partnership model that would lower early-stage risk in drug development. Besides this, it aims to scale up the use of modular AI technologies and better engage biopharma customers.
Non-Executive Director Peter Allen emphasized, “The Board is wholly behind this strategic direction and restoration of the business to its TechBio roots. We have conducted a comprehensive review of every aspect of the Company’s spending to ensure alignment with its foundational principles of entrepreneurial leadership, lean operations, and sharp commercial focus. These principles are designed to benefit shareholders, business partners, and ultimately patients.”
The reorganization will follow the Collective Consultation for Redundancy Rules of the UK, further affirming the Company’s commitment to a fair process. Savings from delisting and operational efficiencies will bolster the development of flexible, AI-based drug discovery solutions, enhancing BenevolentAI’s position as a leader in the biopharmaceutical industry.
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