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NGSX > SEC Filings for NGSX > Form 8-K on 5-Mar-2013All Recent SEC Filings

Show all filings for NEUROGESX INC



Costs Associated with Exit or Disposal Activities, Other Events

Item 2.05. Costs Associated with Exit or Disposal Activities.

On February 28, 2013, as a result of an inability to complete an equity financing transaction, NeurogesX, Inc. (the "Company") committed to, and communicated to affected employees, a restructuring plan whereby the Company reduced its workforce by eight individuals on such date. After the restructuring, the only employees of the Company remaining were its three executive officers, Ronald Martell, President and Chief Executive Officer, Stephen Ghiglieri, Executive Vice President, Chief Operating Officer and Chief Financial Officer, and Stephen Peroutka, Executive Vice President and Chief Medical Officer. The Company is also currently seeking an acquiror for its business and/or assets.

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 $488,000 in the first quarter of 2013.

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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