Watchlist: Acusphere

Acusphere Announces Change In Imagify Regulatory Strategy and Deferral of Near-Term Contractual Cash Payments

WATERTOWN, Mass., Feb 17, 2009 (BUSINESS WIRE) --

The Company has engaged in discussions to reduce, defer or eliminate costs to ensure that it can fund its operations beyond the anticipated PDUFA date of May 31, 2009. The Company also announced today that it had completed the renegotiation of payment terms under certain intellectual property agreements. Payments totaling approximately $6.7 million due in 2009 will be reduced to $350,000 immediately, with another $350,000 payable upon a financing of the company, and the remainder due in 2013. In addition, the Company announced last week that the Board of Directors elected not to declare a quarterly cash dividend to holders of it 6.5% convertible exchangeable preferred stock that was otherwise payable on March 1, 2009, saving an additional $195,000.

Lawrence A. Gyenes, Chief Financial Officer of Acusphere, said, "We are very pleased to reach these agreements. These actions will carry us into June 2009 at our current burn rate and, together with discussions already in progress and other cost reduction initiatives, could allow us to explore strategic partnerships and financing alternatives following the receipt of the FDA response to our proposed amendment."