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Sequenom to cut 110 jobs and sell NC operations

Jan. 07, 2016 3:45 PM ETSequenom, Inc. (SQNM) StockSQNMBy: Douglas W. House, SA News Editor3 Comments
  • 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.

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