Monday, September 22, 2014
Cytori Therapeutics Chops Staff, Executives
San Diego-based Cytori Therapeutics has chopped its staff and executives, and has plunged into arestructuring effort to reduce costs, the company said this morning, after a safety hold on one of its clinical trials. According to Cytori, it has cut its employees by roughly 42 employees, down from 119 employees earlier in the year to approximately 77 employees, to reduce costs. The company also said that its EVP of Marketing and Sales, Mr. Claude Shores--as well as other, un-named employees--have resigned and left the company. The company said the cuts and other cutbacks come as it has hd a "significant change" in strategy. The company had announced a safety hold last month on trials of its ATHENA and ATHENA II compounds, being targeted at treating heart failure patients.