CryoCor to restructure operations, reduce staffing by one-third to cut cash burn rate

By Caroline Salls

Pittsburgh, Feb. 21 - CryoCor, Inc. will restructure some of its operations and reduce its staffing levels by one-third to reduce its overall cash burn rate, according to a company news release.

The company also said it expects to postpone and possibly eliminate some of its internal research initiatives.

CryoCor said its restructuring will not affect planned timelines for completing enrollment of its atrial fibrillation pivotal trial.

The company expects to incur between $500,000 and $600,000 in restructuring charges over the next five months associated with the staff reduction and the cancellation of some contracts.

CryoCor expects to issue financial guidance for 2006 as part of a conference call scheduled for Thursday.

CryoCor is a San Diego-based medical device company focused on the treatment of cardiac arrhythmias.

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