Northstar Neuroscience Cuts Jobs, Scraps Development of Stroke Treatment

7/31/08Follow @xconomy

Northstar Neuroscience said today it is cutting 34 percent of its workforce, scrapping development of its brain stimulation device for stroke patients, and switching gears to develop the technology for patients with depression. The Seattle company is left with 38 employees, and planning to sublease 40 percent of its office space. As we reported earlier this month, Northstar is fending off a takeover bid from a shareholder that wants to buy the company for less than the amount of cash it has in the bank. Northstar said it had $74 million left at the end of June.

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