UPDATE 1-NeuroMetrix to cut jobs by 27 pct
* Says to take related charge of about $2.2 mln
* Shares up 5 pct in extended trading
Jan 4 (Reuters) - Medical device maker NeuroMetrix Inc (NURO.O) said it will cut its workforce by 27 percent, the second time in less than a year, and take a related charge of about $2.2 million as part of a restructuring process.
The company, which has over 100 employees currently, will disband its salesforce and acquire all new accounts through third-party distributions as it shifts its focus to diabetic neuropathy from neurodiagnostic business.
During the second quarter, the company had reduced 25 percent of its workforce.
Waltham, Massachusetts-based NuroMetrix ended 2010 with cash balances of $17 million.
The company's shares, which closed at 59 cents on Tuesday on Nasdaq, were up 5 percent at 62 cents in extended trading. The stock has gained about 11 percent since the company reported its quarterly results in November. (Reporting by Rajarshi Basu in Bangalore; Editing by Maju Samuel)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Winter storm pushes up U.S. East Coast after deep-freeze in the South