Xtent (Menlo Park, California) said it will cut 34% of its staff to save money and also plans to seek a new round of financing.
The company said in an SEC filing last Thursday that it will cut 47 regular and 26 temporary positions. The company also plans another round of financing in the second half of the year.
Xtent said the cuts will cost between $450,000 and $500,000, with most of the expenses coming in the third quarter. The company added that it could save about $1.3 million a month from the cuts and other money-saving moves.
Brian Walsh, VP of sales and marketing, and Jeffry Grainger, VP of corporate affairs and general counsel, resigned from their positions.
The company makes drug-coated stents.
QuadraMed now trading on Nasdaq
QuadraMed (Reston, Virginia) said that its common stock is trading on the Nasdaq global market under the new symbol QDHC. The stock is no longer listed on the Amex.
"The decision to list QuadraMed's common stock on the Nasdaq Global Market underscores our ... commitment to delivering value to our shareholders and clients," said Keith Hagen, QuadraMed's president/CEO. "Our move to the Nasdaq is appropriate for this stage of our corporate development as we focus on business growth and maintaining appropriate levels of financial and corporate governance standards, while achieving improved liquidity and market pricing for our stockholders."
QuadraMed specializes in IT solutions.
Fonar receives Nasdaq compliance letter
Fonar (Melville, New York) said that on July 8 it received a letter from Nasdaq indicating that the company is not in compliance with marketplace rules 4350(e) and 4350(g) due to the fact that it has not yet solicited proxies and held its annual meeting for the fiscal year ended June 30, 2007.
The notice indicated that the company's securities would be subject to delisting from the Nasdaq Capital Market unless the company requested a hearing before a Nasdaq listing qualifications panel.
Fonar makes MRI equipment.
Luna Innovations named to Russell Index
Luna Innovations (Roanoke, Virginia) said that it has been added to the Russell Microcap Index.
According to the Russell Investment Group, the Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for passive and active investment strategies. Membership in the Russell Microcap, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Luna Innovations makes sensing, instrumentation and nanomedicine technologies and products.