Novoste Outlines Plan To Weather Coming Flood Of Drug-Coated Stents
This article was originally published in The Gray Sheet
Executive Summary
Novoste will acquire several new vascular intervention products to sustain its sales force in 2003 and 2004, when new drug-coated stents are expected to quell demand for the company's Beta-Cath coronary brachytherapy system, the firm reported Jan. 10 at the JP Morgan Healthcare Conference in San Francisco
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Termination of 86 employees, announced March 31, is attributed to the impact of drug-eluting stents on the company's core business opportunity in brachytherapy treatment of in-stent restenosis. The move will save over $6 mil. annually and cost about $716,000 in severance, according to the Norcross, Ga. firm. The 40% workforce cut comes 13 months after the company laid off 35 people to save $3 mil. annually. However, the firm's sales force remains intact, in keeping with a 2002 plan to withstand expected DES-related loss of business in 2003 and 2004 (1"The Gray Sheet" Jan. 21, 2002, p. 12)...
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