Conceptus today announced a restructuring that included the elimination of 53 positions worldwide, including two executive officer positions, and a reduction of spending that the company hopes will reduce its net loss in the second half of 1998 to approximately 1/4 of the corresponding 1997 second half loss.
"With this restructuring, we will seek marketing partners to distribute our current products, the ERA(TM) and FUTURA(TM) Resectoscope Sleeves and the STARRT(TM) Falloposcopy system. Reduced expense levels going forward will facilitate continued investment in the R&D and clinical studies of our S/TOP (Selective Tubal Occlusion Procedure) device for non-surgical permanent contraception, a potential product designed to address one of the largest medical device markets worldwide" - - Kathryn Tunstall, president and chief executive officer.
Further, the company reported revenue of approximately $80,000 for the second quarter of 1998. The company blamed the low figure on lack of distribution capability.
In addition, the company announced the resignations of Robert Thomas, vice president of operations, and James J Messemer, vice president of corporate development. Both men resigned the company to pursue other opportunities.
Finally, the company reported that it had discontinued merger talks with a private company. |
