SUNNYVALE, Calif., Dec. 7 -- Citing the need to increase sales and achieve profitability, Eclipse Surgical Technologies has terminated 37 employees and consultants, cut down on bonuses and canceled a number of dispensable research projects. The cutbacks are expected togenerate annualized cost savings of more than $3 million, the company said.
We are in the process of implementing a number of programs to increase sales of our market-leading TMR products, said the company's chairman and CEO, Michael J. Quinn, who was hired in October. It is clear that our operating cost structure needed to be changed toproperly reflect our go forward business strategies and revenue plan and that a number of job positions in the company's organization were not essential to our future success.