EnteroMedics (ETRM) Announces Reduction in Workforce
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- EnteroMedics (ETRM) Announces Reduction in Workforce
EnteroMedics Inc., (NASDAQ: ETRM) has reduced its workforce by 13 positions, primarily among clinical and development department professionals and their support staff. Several objectives in clinical affairs and development have recently been met, reducing the need for certain functions within the affected departments. EnteroMedics remains fully staffed to provide clinical support activities for the ongoing trials, including the EMPOWER pivotal clinical trial for US approval of VBLOC Therapy for the treatment of obesity, and to continue to pursue the development of VBLOC Therapy(TM) in diabetes and hypertension.
Individuals subject to the workforce reduction have been offered benefits and other services to assist them. The Company estimates that the reduction will result in approximately $2.0 million in reduced operating expenses in 2009. EnteroMedics recently announced that it has secured a $20 million working capital loan to supplement its $28.6 million in cash, cash equivalents and short-term investments as of September 30, 2008.
EnteroMedics is a development stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders.[SM]
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