Thursday, MiddleBrook Pharmaceuticals, Inc. (MBRK) announced that it will slash its field sales force by one-third and cut its corporate staff by 20% to save approximately $19 million this year.
With effect from today, MiddleBrook said it is reducing the number of sales managers and field sales representatives to approximately 145. The changes would allow the company to focus its field sales resources in territories currently generating over 80% of the prescription volume for Moxatag, cut costs and strengthen the balance sheet.
After a one-time restructuring charge of approximately $1.9 million, MiddleBrook expects to achieve approximately $19 million in annualized savings as a result of the reduction announced today.
The company now anticipates that its total operating expenses for 2010 will range between $46 million and $51 million, versus its previous guidance of operating expenses between $65 million and $70 million.
On December 1, 2009, the company received a notice from The Nasdaq Stock Market for not maintaining a minimum bid price of $1.00 per share as per rules for the last 30 consecutive business days.
MiddleBrook has 180 days or till June 1, 2010 to regain listing compliance if its stock closes at or above $1.00 per share for minimum 10 consecutive business days. Failing which, MiddleBrook would be notified that its securities are subject to delisting.
MiddleBrook can appeal to a Nasdaq Hearing Panel to stay the delisting. As an alternative, the company may choose to apply for transfer to the Nasdaq Capital Market, provided it satisfies requirements for continued listing on that market.
MBRK closed Thursday's regular trading session at $0.64, up $0.04 or 6.67%, on the Nasdaq.
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