Adherium Ltd.'s CEO Arik Anderson and CFO David Allinson will step down and its workforce will be reduced as part of a restructuring plan that will focus on developing the company's sensor technology.

The New Zealand-based healthcare technology company reported the results of an "extensive strategic review" in a Dec. 13 press release, describing plans to refocus the company and save costs. Adherium will carry out a "significant" reduction in its workforce across the U.S. and New Zealand, and undergo a change in leadership. The restructuring will provide cost flexibility and resources for developing its sensor technologies by collaborating with other companies.

Rob Turnbull, vice president of finance and business services and joint company secretary, has been appointed as general manager to lead the company.

In addition, the company said the U.S. Food and Drug Administration granted 510(k) medical device clearance for over-the-counter sales of its sensor for AstraZeneca PLC's Bevespi inhalers to treat an inflammatory lung disease called chronic obstructive pulmonary disease. The sensor device attaches to the inhalers to monitor and promote adherence as part of a self-management plan. It tracks medication use and reminds users to take doses while also providing access to usage history to better understand patterns in their asthma and chronic respiratory conditions.