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Tucson-based ImaRx Therapeutics Inc. plans to eliminate 20 jobs starting later this week, a move that comes a month after the company decided to put its stroke-treatment development on hold.

The layoffs, made public in a U.S. Securities and Exchange Commission filing Friday, would reduce ImaRx's workforce by about 60 percent.

In late January, ImaRx said it would halt development of its "microbubble" stroke therapy and instead concentrate efforts boosting sales of an established drug, Abbokinase. That followed a study of the clinical trial results for SonoLysis, which cited brain bleeding in some study participants when used in combination with tissue plasminogen activator, or tPA, a clot-dissolving agent currently available to treat stroke.

At the same time, ImaRx said it would seek to transfer the cost of development of its SonoLysis stroke therapy, which uses tiny gas-filled bubbles with ultrasound to break up blood clots, to another company or investor.

ImaRx said staff reduction would take place between this Friday and July. Among those likely to be terminated include Rajan Ramaswam, ImaRx's vice president for product development, filings noted. SEC filings stated that the affected employees were notified of the possible layoffs on Feb. 15.

Employees' severance packages will cost the company between $435,000 and $800,000, filings stated.

CEO Bradford A. Zakes said Monday that ImaRx is looking for a partner to take on the cost of SonoLysis development. He said that if that effort is successful by Friday, the company could avoid layoffs.

Zakes said last month that although ImaRx was changing its strategy away from its cornerstone technology, his company still had commercial product that is generating revenue.

ImaRx, 1730 E. River Road, is one of Tucson's few locally based, publicly traded companies. But its stock has languished since the company went public in July at a closing price of $4.79 per share. ImaRx's stock closed Monday at $1.12 per share in trading on the Nasdaq Stock Market.