Zogenix (ZGNX) Cuts 37% of Workforce

On May 29, 2013, Zogenix, Inc. (Nasdaq: ZGNX) commenced a restructuring of its workforce, resulting in a reduction in force of approximately 37%, or 55 employees, across all functional areas of the Company. Zogenix took these steps as part of its initiatives to extend the Company’s cash runway. Charges associated with the reduction in force are expected to be approximately $1.0 million, which includes cash charges of $0.9 million in severance costs and $0.1 million in non-cash stock-based compensation charges, and are expected to be recorded in the second quarter of 2013.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Intuit (INTU) Tops Q4 EPS; Offers FY27 Guidance
• Zoom (ZM) Tops Q2 EPS by 7c, Beats on Revenue; Offers FY27 EPS Guidance
• FingerMotion CEO outlines AI computing expansion in North America