Northstar Neuroscience, Inc. Announces Approval of Plan of Liquidation and Dissolution by Board of Directors
1/5/2009 9:42:26 AM
SEATTLE, Jan. 5, 2009 (GLOBE NEWSWIRE) -- Northstar Neuroscience, Inc., (Nasdaq:NSTR), a medical device company developing therapies for the treatment of major depressive disorder, today announced that its Board of Directors has determined, in its best business judgment after consideration of potential strategic alternatives, that it is in the best interests of the Company and its shareholders to liquidate the Company's assets and to dissolve the Company. The Company's Board of Directors has approved a Plan of Complete Liquidation and Dissolution of the Company (the "Plan"), subject to shareholder approval. The Company intends to hold a special meeting of shareholders to seek approval of the Plan and will file related proxy materials with the Securities and Exchange Commission ("SEC") in the near future. Prior to the special meeting the Company will reduce its headcount to a limited number of employees who will assist in the termination of operations.