Northstar Neuroscience said today it is cutting 34 percent of its workforce, scrapping development of its brain stimulation device for stroke patients, and switching gears to develop the technology for patients with depression. The Seattle company is left with 38 employees, and planning to sublease 40 percent of its office space. As we reported earlier this month, Northstar is fending off a takeover bid from a shareholder that wants to buy the company for less than the amount of cash it has in the bank. Northstar said it had $74 million left at the end of June.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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