This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:EnteroMedics Announces Reduction in Workforce 2009-10-27 12:00 ET - News Release
ST. PAUL, Minn. -- (Business Wire)
EnteroMedics Inc., (NASDAQ: ETRM) today announced that it has
implemented a plan to reduce its workforce and operating costs in order
to preserve capital and streamline its operations following the
announcement of top-line results from its pivotal EMPOWER study on
October 2, 2009. The reduction in force will lower the number of
employees by 40%, to a total of 33, by November 15, 2009.
“This initiative, while difficult, is necessary to ensure that we have
the resources in place to support our ongoing clinical trials and that
the Company remains well-equipped to provide support for these studies
as we continue our evaluation of the one year data from the EMPOWER
trial and formulate our plan for VBLOC Therapy,” said President and CEO
Mark B. Knudson, Ph.D. “We thank all of our employees for their hard
work on behalf of EnteroMedics and wish those leaving the Company all
the best.”
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