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NGSX > SEC Filings for NGSX > Form 8-K on 30-Nov-2012All Recent SEC Filings

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Costs Associated with Exit or Disposal Activities, Other Events

Item 2.05. Costs Associated with Exit or Disposal Activities.

On November 29, 2012, the Company committed to reducing its workforce by nine individuals. The restructuring is to further align the organization and personnel with the Company's current requirements based on the operating model needed to achieve the Company's business strategy focusing on the clinical development program for its primary product candidate, NGX-1998. The Company communicated the plan to the impacted employees on or about November 29, 2012 with the expectation that the restructuring will be completed by December 31, 2012. The impacted employees are eligible to receive cash severance contingent on their signing of a general release with the Company. Assuming that all employees are paid severance, the Company expects to record a cash charge for severance and other payroll related termination costs of approximately $280,000 in the fourth quarter of 2012.

Item 8.01. Other Events

The discussion set forth in Item 2.05 above is hereby incorporated by reference into this Item 8.01, and is deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.

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