ARCA Biopharma Cuts 40 jobs In Restructuring Move
Fri, 05/22/2009 - 7:12am
NEW YORK (AP) — Biotechnology company ARCA Biopharma Inc. cut about 40 employees in a restructuring move and expects charges of about $1 million during the second quarter, according to a filing with the Securities and Exchange Commission Friday. Shares of the Broomfield, Colo.-based company fell 80 cents, or 8.9 percent, to $8.20 in morning trading. The stock has traded between $2 and $17 over the last 52 weeks. In its filing, the company said it started a restructuring program that cut 40 jobs as of Wednesday. It had previously said it would seek "strategic alternatives" for marketing its developing heart failure treatment Gencaro. Employees being laid off are eligible for severance. Charges for the move will be about $1 million, with more than half going to severance.