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In a sea of red, it’s a good time to batten down the hatches. Fund II portfolio co. Intrisyc Software (ICS:TSX) announced their own effort last night, and we were sorry to see CTO Randy Kath leave the firm. Here is GMP’s summary by the well-regarded Sera Kim:

“Last night, Intrinsyc provided a business update and announced restructuring actions in an effort to cut costs and preserve its cash runway to offset a slower than expected ramp in Soleus royalty revenues and a slowing of design wins in 2008.

Restructuring actions and financial impact:

- A reduction of R&D resources in North America, a

Formerly engaged in the development of web-based organization and collaboration software, Foldera, Inc. yesterday proclaimed its intent to change the entire face of the company. In the next few weeks, the company plans to enact a series of changes which include a new company name, trading symbol, corporate strategy, management team, and market direction.

Foldera will henceforth be known as CeCors, Inc., derived from an acronym for carrier Ethernet core switch, which is precisely the technology to be commercialized by the new organization. New members of the board include Ananda Perera (CTO)

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