Perseon Medical (NSDQ:PRSN) said yesterday that it laid off a “substantial” number of employees as it looks to stay afloat after the failure last month of an $11 million merger with Galil Medical.
Salt Lake City-based Perseon, formerly known as BSD Medical, makes the MicroThermX microwave ablation device. The Galil merger, announced in October, foundered after not enough stockowners tendered their shares despite a 10-day extension.
Perseon, which reported 3rd-quarter losses of -$3.0 million on sales of $556,000, had just $1.3 million on hand as of Nov. 30 – enough to carry it for only 2 months.
“Accordingly, on Dec. 23, 2015, in order to materially reduce expenses, the company terminated a substantial number of employees and is evaluating the resource level needed to continue manufacturing its products for distribution and sale to its customer base, which grew 3 times in 2015,” Perseon said yesterday in a regulatory filing. “The company plans to maintain a workforce capable of serving customers while it pursues strategic alternatives, which may lead to a sale of the company or its assets.”
The post Perseon slashes workforce after $11m merger fails appeared first on MassDevice.
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