Press Release
Aug 5, 2009, 2:34 p.m. EST
Analogic Reduces Workforce and Consolidates Operations
PEABODY, Mass., Aug 5, 2009 (GlobeNewswire ) -- Analogic Corporation ... announced that it has reduced its workforce by 6% worldwide and has vacated a portion of its Canton, Massachusetts facility. As a result, the Company will record a $3.1 million charge in the fourth fiscal quarter of 2009. The Company expects this action will result in annual expense savings of approximately $5 million, a portion of which will fund strategic growth initiatives.
The reduction in force, which affects 85 people across the business, will result in a $2.1 million charge for severance and related costs. In addition, the Company vacated approximately half of its Copley Controls facility in Canton, moving certain operations to its Peabody facility. Accordingly, the Company will record a charge of $1.0 million, which represents the ongoing lease payments for the vacated portion over the remainder of the lease term, which ends in 2011.
"We recognize that workforce reductions are difficult for everyone", commented Jim Green, president and CEO. "However, we have a commitment to improve our overall operational effectiveness and fund the ongoing investments needed to position Analogic for future growth. While market conditions over the past few quarters have been difficult, we remain optimistic as the market appears to be stabilizing."
Thursday, August 6, 2009
Tuesday, July 28, 2009
Lifeline: NxStage
Company press release:
NxStage Announces Closing of $40 Million Debt Financing with Asahi Kasei Kuraray Medical
LAWRENCE, Mass., June 5
NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced it has completed the closing of its previously announced $40 million debt financing with its strategic alliance partner, Asahi Kasei Kuraray Medical. The Company used approximately $30 million of the proceeds to pay off its entire debt obligation, including prepayment and other transaction fees, owed under its GE credit facility. As a result, NxStage anticipates taking a pre-tax charge of approximately $2 million for the second quarter of 2009 related to prepayment and other transaction fees. The remaining proceeds of approximately $10 million will be used for general operating purposes.
NxStage Announces Closing of $40 Million Debt Financing with Asahi Kasei Kuraray Medical
LAWRENCE, Mass., June 5
NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced it has completed the closing of its previously announced $40 million debt financing with its strategic alliance partner, Asahi Kasei Kuraray Medical. The Company used approximately $30 million of the proceeds to pay off its entire debt obligation, including prepayment and other transaction fees, owed under its GE credit facility. As a result, NxStage anticipates taking a pre-tax charge of approximately $2 million for the second quarter of 2009 related to prepayment and other transaction fees. The remaining proceeds of approximately $10 million will be used for general operating purposes.
R.I.P. Epix Pharmaceuticals
July 21, 2009 Boston Globe
Cash-strapped Epix Pharmaceuticals Inc. said it is winding down operations and looking to proceed to "an orderly liquidation of its assets" after attempts to obtain additional financing were unsuccessful.
Epix, [was] based in Lexington and ... had been working with the British drug maker GlaxoSmithKline on a potential treatment for Alzheimer's disease
In a press release, Epix said that "in light of the company’s lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law (the “Assignment”). The purpose of the Assignment is to conclude the company’s operations and provide for an orderly liquidation of its assets."
To read some previous Globe coverage that referenced Epix, please click here.
Cash-strapped Epix Pharmaceuticals Inc. said it is winding down operations and looking to proceed to "an orderly liquidation of its assets" after attempts to obtain additional financing were unsuccessful.
Epix, [was] based in Lexington and ... had been working with the British drug maker GlaxoSmithKline on a potential treatment for Alzheimer's disease
In a press release, Epix said that "in light of the company’s lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law (the “Assignment”). The purpose of the Assignment is to conclude the company’s operations and provide for an orderly liquidation of its assets."
To read some previous Globe coverage that referenced Epix, please click here.
Saturday, July 18, 2009
R.I.P. Biopure
xconomy.com:
Biopure Files for Bankruptcy
7/17/09
Biopure has filed for Chapter 11 bankruptcy, the company announced late yesterday. The Cambridge, MA-based firm has agreed to sell its assets to OPK Biotech, but Biopure will also seek competitive bids for the assets in an auction supervised by the bankruptcy court in Massachusetts.
Biopure Files for Bankruptcy
7/17/09
Biopure has filed for Chapter 11 bankruptcy, the company announced late yesterday. The Cambridge, MA-based firm has agreed to sell its assets to OPK Biotech, but Biopure will also seek competitive bids for the assets in an auction supervised by the bankruptcy court in Massachusetts.
Tuesday, May 19, 2009
Layoffs: Medtronic to cut up to 1,800 jobs
AP - 5/19/09
Medical device maker Medtronic said Tuesday it would cut up to 1,800 employees after its fiscal fourth-quarter plunged 69 percent on slipping sales and restructuring and other charges.
About 400 employees already have accepted buyout offers and will leave the company by the end of the month.
Medical device maker Medtronic said Tuesday it would cut up to 1,800 employees after its fiscal fourth-quarter plunged 69 percent on slipping sales and restructuring and other charges.
About 400 employees already have accepted buyout offers and will leave the company by the end of the month.
Thursday, April 16, 2009
Layoffs: Cynosure
Press release:
Cynosure Announces Preliminary Financial Results for the First Quarter of 2009
WESTFORD, Mass., April 15, 2009
"We are continuing to adjust our operating expenses in response to the current market conditions and reduced revenue levels," [CEO Mike] Davin said. "In recent weeks we have cut an additional 25 positions from our worldwide workforce. This reduction has been partially offset by the opening in February of our direct sales office in Korea and the associated hiring of 11 employees, bringing our current total worldwide headcount to 271 employees.
Cynosure Announces Preliminary Financial Results for the First Quarter of 2009
WESTFORD, Mass., April 15, 2009
"We are continuing to adjust our operating expenses in response to the current market conditions and reduced revenue levels," [CEO Mike] Davin said. "In recent weeks we have cut an additional 25 positions from our worldwide workforce. This reduction has been partially offset by the opening in February of our direct sales office in Korea and the associated hiring of 11 employees, bringing our current total worldwide headcount to 271 employees.
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