logo
Share SHARE
FONT-SIZE Plus   Neg

Complete Genomics Initiates Review Of Strategic Alternatives; To Eliminate Jobs

Human genome sequencing company, Complete Genomics Inc (GNOM) Tuesday announced that it has initiating a number of steps aimed at reducing the cash consumption.

The company stated that it has engaged Jefferies & Company, Inc. to assist it in exploring strategic alternatives.

The company further stated that it intends to focus on development of clinical applications for its whole human genome sequencing service, while continuing to provide high-quality genomes to research customers.

As part of the strategic alternatives, the company plans to eliminate 55 jobs, primarily in field and factory, in Mountain View, California, and other U.S. locations.

The company noted that this employee reduction is expected to be substantially completed during the current quarter ending June 30, 2012. The company further added that restructuring and related costs incurred with this plan are estimated at $1.5 million, most of which will be cash expenditures.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Best Inc., a 23.4 percent owned by e-commerce major Alibaba Group, filed for Initial Public Offering in the U.S. According to the filing, Best expects to offer $750 million american depository shares. We urge Investors to take advantage of the weakness in the shares of Applied Optoelectronics, Inc. (AAOI), as we believe the stock has at least 15% upside from current levels. The stock is down along with many of the stocks in the Fiber optical component universe with an exposure to China. Nestle SA's shares were gaining around 4 percent in Zurich trading after billionaire activist investor Daniel Loeb's hedge fund Third Point LLC bought a $3.5 billion stake in the Swiss food giant. The acquisition of about 1.25% stake in Nestle would put pressure on the company to find ways to accelerate growth.
comments powered by Disqus
Follow RTT