Cardo Medical Orthopedic Medical Device Company In Beverly Hills Announces Layoffs–And Still Looking for Funding
Posted Oct 07 2010 8:34pm
Cardo markets FDA approved products to include Total Hip System, Cervical Plate/Screw System, Spine Pedicle Screw/Rod System, Patello-femoral Arthroplasty, and Uni-Knee Arthroplasty. Perhaps some investors will show interest again as their timing in going public was in September of 2008 and enough said there as well remember what happened in that month and year.
Their products from what is shown on the website is a smaller surgical device and procedure and less invasive. Perhaps they might have a second life with the other big companies and their lawsuits that are ongoing with knee and hip replacements. BD
From the website:
“Cardo Medical creates reconstructive orthopedic and spinal surgery products through advanced engineering. Cardo Medical's superior engineering talent closely collaborates with leading surgeons around the country to create products that reduce or eliminate joint pain and allow our patients to achieve more active lives. Cardo Medical's cutting edge products are designed to reduce operative time, enhance surgical technique, shorten hospital stays, reduce recovery time and improve outcomes”
LOS ANGELES, Oct 7, 2010 Cardo Medical, Inc. an orthopedic medical device company based in Beverly Hills, California, announced today that it terminated 15 of its 30 employees in varying functions and that its Chief Executive Officer, Andrew Brooks, M.D. and President and Chief Operating Officer, Michael Kvitnitsky have agreed to forego their salaries for the foreseeable future.
The Company undertook these actions to reduce its operating costs and preserve cash while it continues to seek alternative sources of capital or some other type of restructuring. Most recently, the Company had been seeking funding through a private placement, but was unsuccessful. While these actions are expected to result in substantial salary, fringe benefit and other cost savings going forward, the reduction in staff will result in a scaled-back level of operations and decreases in net sales going forward.