As part of the restructuring, WideAcademy’s senior vice president Alan Greenberg, who is also chief business development officer and a director of the board, has resigned from his positions.
The London office of WideAcademy has also been closed with all operations shifting to the head office in Manchester.
“The streamlined board and Wideacademy are now fully focused on increasing sales at our two core divisions - CellPlan, the world's first stem cell healthcare insurance plan; and WideCells, focused on stem cell storage and, research, in order to generate value for our shareholders," said chief executive João Andrade.
Shares surged 53% to 0.46p in mid-afternoon trading on Tuesday.
-- Updates for share price --