Ultrasound contrast developer Acusphere has trimmed its staff by 24 people, cutting its employee base to 77.
The affected personnel were primarily employed in functions related to manufacturing of Acusphere's Imagify ultrasound contrast agent, according to the Watertown, MA-based vendor. In other cost reduction measures, all senior managers at the vice president level or above are taking 10% salary reductions while Acusphere awaits U.S. Food and Drug Administration (FDA) review of its new drug application (NDA) for Imagify.
Acusphere said it has also terminated contracts with some consultants and contractors. Total annualized cash savings from the staff reductions and senior management salary cuts are estimated to be approximately $2.1 million.
Related Reading
Acusphere gets Nasdaq warning letter, July 15, 2008
FDA to review Acusphere's Imagify, July 1, 2008
Acusphere revenues flat for Q1 2008, May 9, 2008
Acusphere submits NDA for Imagify, April 29, 2008
Acusphere cuts annual net loss, March 17, 2008
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