* To eliminate field-sales force, significantly cut jobs
* CEO resigns effective March 15 as part of job cuts
* Auditors express going concern doubts
* Looking at strategic options including sale of co
* Shares drop 33 pct
March 12 MiddleBrook Pharmaceuticals Inc
MBRK.O said its auditors have expressed doubts on the
company's ability to continue as a going concern and that it
was evaluating strategic options, which may include selling
The company, which plans to significantly reduce staff to
preserve cash, also said its Chief Executive John Thievon would
resign effective March 15, as part of the job cuts.
Thievon would be succeeded by current finance chief David
Becker, who will assume the role of acting CEO.
MiddleBrook said recurring operating losses and
management's substantial doubt about its ability to continue as
a going concern for at least 12 months prompted its auditors to
include the warning in their audit opinion for the year ended
Dec. 31, 2009.
The company, which also reported a wider fourth-quarter
loss, has engaged Broadpoint Gleacher Securities Group as its
financial advisor to assist the board in identifying and
evaluating strategic alternatives, it said in a statement.
Shares of the company were down 33 percent at 34 cents
Friday morning on Nasdaq.
(Reporting by Esha Dey in Bangalore; Editing by Aradhana