The company said that the measure was due to its financial situation.
Topspin Medical Inc. (TASE:TOPMD) today notified the Tel Aviv Stock Exchange (TASE) that its "board has decided to fire all the staff of subsidiary TopSpin Medical (Israel) Ltd. except for three employees in the financial department." The company said that the measure was due to its financial situation.
TopSpin stated that one of the three remaining employees is its financial manager. The company also did not fire several pregnant employees, but requested an exemption under Employment of Women Law 5714-1954.
The company also reported that it would seek further funding for its activities.
On October 16, TopSpin announced 14 employees, including its VP R&D, had resigned or taken two weeks paid vacation. The company developed a high-resolution MRI using an intra-vascular MRI (IVMRI) catheter for the coronary arteries.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2008
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