2023-11-13 Regulatory

NeoDynamics announces cost reduction plan

The Board of Directors and Management Team has today decided to streamline its operations to maximize its return on investment in key launch regions.

As a result of these challenging but necessary changes to the organizational structure, dedicated team members will be impacted as the Company operates with a reduced headcount moving forward.

Current global financial market conditions dictate a more cost-effective approach to commercializing the NeoNavia system to clinicians in our target markets. A key component of this plan is to match staffing levels to current conditions, while still maintaining an appropriate presence that facilitates continued commercial efforts in these markets.

Meanwhile, the company continues to build strong advocacy and clinical use amongst physician customers in key centres. Initial orders for the full complement of our Pulsed Biopsy System are scheduled for delivery later this month and into early 2024.

“We’ve made the decision to reduce costs with due consideration to our current cash situation. We truly believe we are close to a commercial breakthrough, which has been validated by positive customer feedback and recent orders we’ve received. Therefore, we have decided to focus on balancing our continued commercialisation efforts, with the difficult trading conditions in the market.” says Anna Eriksrud, CEO.