Northstar Neuroscience to liquidate

By Lisa Kerner

Charlotte, N.C., Jan. 5 - Northstar Neuroscience, Inc.'s board of directors approved a plan of complete liquidation and dissolution of the company, it was announced on Monday.

The board made the decision to liquidate following a review of strategic alternatives, the company said.

Northstar Neuroscience said it will hold a special meeting asking shareholders to approve the plan.

Before then, the Seattle-based medical device company will reduce its headcount to a small number of employees who will assist in terminating Northstar Neuroscience's operations.

The company said it will file articles of dissolution and, once the plan is approved, delist its common stock from Nasdaq.

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