Echo Therapeutics Announces Departure of Patrick Mooney as Chief Executive Officer and President; Announces 33% Staff Reductions
The company also said that it has made staff reductions comprising about 33% of the company's workforce. Affected employees were notified on Sept. 30, 2013. The company estimates that a one-time severance charge related to the workforce reduction of up to about $91,000 will be recorded in third quarter of 2013. The company does not anticipate that there will be any further material future cash expenditure associated with the workforce reduction.