Archus cuts staff for cash stability
This article was originally published in Clinica
Spinal implant specialist Archus Orthopedics has cut staff in order to conserve its cash reserves, says business and technology website Xconomy Seattle. Archus, which had a workforce of 45 people, has also had to reduce its business operations in order to sustain its capital. According to Xconomy Seattle, the company’s CEO Jim Fitzsimmons said that the pre-revenue firm had been affected by the “extremely challenging financing market” but is looking at options to maximise shareholder value. The Redmond, Washington-based company is currently developing its Total Facet Arthroplasty System (TFAS), which is designed to restore normal motion and provide stabilisation of spinal segments.