As of June 30, 2015, we had 115 full-time employees, 80 of whom are based in the United States, 26 of whom are based in Australia, including our CEO and certain executive team members, 8 of whom are based in Singapore, and 1 of whom is based in Switzerland. We had 117 and 75 full-time employees as of June 30, 2014, and 2013, respectively.
Cytori Press Release: 9/22/2014
As a part of the restructuring effort, Mr. Clyde Shores, Cytori’s Executive Vice President of Marketing and Sales, resigned and a number of other employees have left or will be leaving the Company after a brief transition period. After the transition period, the Company will have reduced the number of full time employees from a peak of 119 earlier this year to approximately 77 employees. As a consequence of these efforts, we estimate that we will incur a one-time restructuring charge of approximately $500,000. The consolidation and cost reduction initiatives over the past several months are expected to lower our operating expenses by more than $8 million on an annualized basis.
So at the beginning of 2014, Cytori had 119 employees. Mesoblast, with a much deeper pipeline, more stem cell lines and much deeper pockets only has now reached 115 employees.