Human genome sequencing company, Complete Genomics Inc (GNOM: Quote) 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.
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by RTT Staff Writer
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