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
A federal judge has dismissed a lawsuit that accused Starbucks (SBUX) of cheating customers by "under-filling" its cold beverages. The lawsuit alleged that Starbucks is deceiving its customers by serving iced drinks with too much ice cubes and less coffee "than advertised." "If children have figured... Apparel retailer Guess? Inc. (GES) on Wednesday reported an increase in profit for the second quarter, despite lower-than-expected revenues reflecting a one-time gain. Earnings for the quarter easily trumped Wall Street estimates, sending the company's stock up over 14 percent in extended hours. Guess'... HP Inc. (HPQ) on Wednesday reported a drop in profit for the third quarter hurt largely by a 4 percent drop in revenues as the company continues to struggle with weak demand for printers. Shares of the computer and printer maker slipped 5 percent in extended session after it detailed a weak fourth quarter...
comments powered by Disqus
Follow RTT