By Eric Fetters
Herald Writer
BOTHELL — NextRx Corp., a developer of medication delivery systems, has reduced its staff by more than half as it looks to attract investors.
The privately held company laid off 40 employees on Feb. 15, said Tim McMenamin, marketing director. Some contract workers also were dismissed.
Based in Bothell’s Canyon Park area, the company now employs 28 people.
Bob George, chief executive officer for NextRx, said the reduction in staff should make the company more attractive to venture capitalists.
"They’re looking for organizations that are slim, lean and mean. We’ve taken some proactive steps to accomplish that," he said.
Programmers made up the largest group affected by the staff cut, George said, adding that personnel in key positions were retained. Those let go were given severance pay, health coverage through March and job placement help.
Founded in 1990 and more formally organized in 1996, NextRx develops hardware and software to help pharmacists and nurses dispense medications to patients more efficiently and safely. George became the company’s CEO in 2000, the same year NextRx moved to Canyon Park.
While George did not go into details about the financial position of the company, he said last year’s performance was within budget. The staff reduction should not delay the introduction of the company’s medication delivery system to the commercial market, he said.
"We intend to move forward and penetrate the market later this year," George said.
The NextRx System, which is being tested in Bellevue’s Overlake Hospital and two other facilities, includes a cart that nurses use to deliver presorted drugs within a hospital and a bar-code system that pharmacists use to sort and track the medications.
George said he’s optimistic about the rollout of the system, which he called "a giant step forward."
NextRx is the latest of several Snohomish County technology companies to report layoffs. Earlier this month, ScenicSoft in Lynnwood let go 21 workers. In January, Agital Inc. folded its Bothell operation, resulting in 20 layoffs. And Lumenis announced two months ago it was closing its Bothell plant, putting dozens out of work.
You can call Herald Writer Eric Fetters at 425-339-3453
or send e-mail to fetters@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
