Acusphere slashes staff by 24%, senior execs take pay cut

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Acusphere has reduced its employee base by 24 people, or about 24 percent, primarily in functions related to the manufacturing of Imagify, an ultrasound contrast agent to be used for the detection of coronary artery disease.

In addition, Acusphere said that all senior managers at the vice president level and above are taking salary reductions of 10 percent or more effective Aug. 1, to further decrease operating costs while Acusphere awaits the FDA review of its new drug application (NDA) for Imagify (Perflubutane Polymer Microspheres for Injectable Suspension).

The Watertown, Mass.-based company said it has also given notification of termination to certain consultants and contractors. With the announced reductions, total employment at Acusphere is now 77 personnel.

Earlier this month, the FDA accepted Acusphere’s NDA for Imagify.

On July 14, Acusphere said it received a letter from the Nasdaq Stock Market, indicating it had not regained compliance with Nasdaq’s minimum bid price requirement for continued listing of $1 per share. As a result, Acusphere’s common stock was subject to delisting from the Nasdaq Global Market, unless the company requested a hearing before the Nasdaq Listing Qualifications Panel.

Acusphere said a hearing is scheduled for late August or early September 2008.