AtheroGenics (AGIX) Cuts Headcount by 40%; to Record One-Time Charge of $400K in Q3
In a Form 8-K, AtheroGenics, Inc. (Nasdaq: AGIX) announced that on September 19, the company reduced its employee headcount by approximately 40% to a current staff of 30 employees. In addition, the Company has also eliminated approximately 20 open positions as a result of the downsizing. The Company is providing severance to employees affected by the workforce reduction, resulting in a one-time charge of approximately $400,000 related to the severance benefits, which will be paid in Q308.
Atherogenics Inc., a research-based pharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of chronic inflammatory diseases, including diabetes and coronary heart disease.
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