Northstar Neuroscience, a Seattle-based maker of a brain-stimulation device for severe depression, said today it had $70.2 million in cash and investments at the end of September, and that it expects to end this year with $66 million on hand, and close 2009 with $53 million. The company (NASDAQ: [[ticker:NSTR]]) has cut costs and switched its priorities to studying depression, after a final-stage clinical trial failed to demonstrate its device could help restore arm movement in stroke patients.
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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