Acusphere Cuts 24 Jobs, While It Waits for FDA Decision Date
Luke Timmerman7/28/08
Acusphere, the Watertown, MA-based developer of the cardiovascular contrast agent Imagify, said today it has cut 24 jobs, or about 24 percent of its staff. The company (NASDAQ: ACUS) is trying to save cash while it waits for the FDA’s Feb. 28 deadline to decide on whether to approve Imagify for sale in the U.S. The cuts should save $2.1 million a year, and help carry the company “well into the fourth quarter,” the company said in a statement. Acusphere had $12 million in cash and investments at the end of June, and expects to spend $8 to $9 million in the third and fourth quarter.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
