Spider silk developer Nexia Biotechnologies Inc on Tuesday announced plans to axe around a third of its 100-strong workforce as it looks to cut its monthly costs.

The Quebec-based firm said the cuts would allow it to focus on developing a spinning process for BioSteel, a resistant fibre made from spider silk which it developed last year.

CEO Jeffrey Turner said in a statement the measures cut its monthly costs to C$600,000 from C$1 million.