ALR Technologies (OTC:ALRT) said last week that it’s reaching the limit on a line of credit it has with chairman & CEO Sidney Chan and plans to cut its U.S. sales & marketing program as a result.
Richmond, Va.-based ALR, which makes a remote monitoring system for diabetes called Health-e-Connect, also said it plans to cut back on its diabetes care facilitation workforce.
The cuts will stay in place “until such time it can find additional financing,” the company said.
ALR said it plans to use the balance on the credit line to “maintain the integrity of the technology” and follow through on a bid for 510(k) clearance of its insulin dose adjustment technology from the FDA.
The federal safety watchdog cleared Health-e-Connect in October 2011.
The post Layoffs ahead for ALR Technologies appeared first on MassDevice.
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