>>Point Therapeutics Announces Further Management Reductions
Friday July 27, 7:30 am ET
BOSTON--(BUSINESS WIRE)--Point Therapeutics, Inc. (NASDAQ: POTP ) today announced further reductions in its management staff. As part of this headcount reduction, effective July 25, 2007, the Company has terminated the employment of Donald Kiepert, Chairman and Chief Executive Officer; Richard Small, Senior Vice President and Chief Financial Officer; Michael Duffy, Senior Vice President and General Counsel; and Barry Jones, PhD., Senior Vice President and Chief Scientific Officer. These individuals have been paid in accordance with the Company's base severance policy of two weeks of salary plus an additional week of salary for each full year of service, and these payments do not reflect any additional amounts that may, under certain circumstances, be paid to these employees in the future under their existing employment agreements. The Company estimates that the total aggregate charge for the base severance payments associated with this work force reduction is approximately $285,000. The Company plans to utilize some or all of these recently terminated employees as part of a more variable-cost consulting team to help the company as it seeks a buyer or partner for its technology and related intellectual property and other assets, in bankruptcy or otherwise. In addition, as previously announced, the Company will be relocating next week to a smaller, temporary suburban space.<<
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Looks like a prelude to bankruptcy.
Cheers, Tuck |
