- Struggling biotech Sequenom (SQNM -2.1%) announces its plan to cut costs and boost its growth prospects. The main points:
- The divestment of its Research Triangle Park, NC operations and the transfer of the work to its San Diego facility.
- The recruitment of strategic partners for the commercialization of its oncology liquid biopsy technology and a concomitant reduction in R&D spending.
- A 20% reduction in headcount (110 jobs).
- Management believes the moves will save over $20M in operating costs on an annualized basis by the end of the year.
- The company needs to do something. Shares have lost 70% of their value since mid-2015.