Wednesday, biomedical products company Cerus Corp. (CERS), announced a 30% cut in its current workforce impacting about 31 employees, and said it would incur a restructuring charge of about $0.7 million in the first quarter. Cerus also said that its chief financial officer, William Dawson, had decided to step down effective April 30, 2009, to pursue other professional interests.
The Concord, California-based company said the decision to lay off workforce as part of its plans to streamline operations would help the company in conserving cash resources and meet its capital requirements into 2010. The company noted that once the work force reduction and other cost saving measures are fully in place later in 2009, it expects a reduction in operating expenses of $10 million on an annualized basis.
Claes Glassell, president and chief executive officer of Cerus said, "We believe this reduction in operating expenses will extend our cash runway, reducing the pressure for a near-term financing."
While confirming that the job cuts does not affect the company's sales force in Europe, Cerus indicated that it is committed to commercializing the INTERCEPT platelet and plasma systems in Europe, Russia, Middle East and in selected regions around the world. The company said that the product sales of the INTERCEPT platelet and plasma systems have grown from $8.0 million in 2007 to $15.5 million in 2008.
The company also expects to complete a Phase I clinical trial of the INTERCEPT red blood cell system by mid-2009.
Additionally, the company announced that Kevin Green, its Controller, has been promoted to Chief Accounting Officer.
CERS closed Tuesday's trading at $0.81 on the Nasdaq.
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