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UPDATE 1-Northstar board OKs liquidation plan

Mon Jan 5, 2009 3:19pm EST

Jan 5 (Reuters) - Northstar Neuroscience Inc NSTR.O said its board has approved a plan to liquidate the company's assets and dissolve the company.

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The medical device maker, which focuses on neurological diseases and disorders, said it intends to hold a special meeting of shareholders to seek approval for the plan.

The company also said it will cut its headcount to a limited number of employees who will assist in the termination of operations before the special meeting.

Shares of the Seattle-based company were trading up 36.7 percent at $1.75 in the afternoon session on Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Anil D'Silva)

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