Annidis Corp. will lay off the majority of its employees to reduce operating costs.

The Canadian medical device distributor's decision follows poor sales, limited cash reserves with defaults on outstanding debt obligations and a lack of financing.

Annidis plans to review all strategic financial options, such as having a strategic partner or investor to enhance the value of its intellectual property and assets, completing a business combination with a strategic partner or selling the business, including all intellectual property assets.

The company said it is also pursuing negotiations with creditors and potential investors to address the issues.

In other news, Brian Baker resigned from his CFO and corporate secretary roles, effective Feb. 2, and Michael Crowley resigned as a director of Annidis, effective Feb. 8.