NEW YORK, May 31 - Danish microarray company Exiqonsaid today it has cut its staff and closed its
Though it was not immediately clear how many people lost their jobs, the cuts come mainly from sales and marketing with a smaller number coming from the R&D side, according to Lars Kongsbak, Exiqon's vice president for business development, science, and technology.
The Vedbaek-based maker of microarrays, microplates, and locked nucleic acids is now pursuing "an M&A strategy," said Kongsbak. "Instead of trying to sell our products ourselves we are now looking for partners who will take that on."
Kongsback said the cuts and shift in strategy were motivated principally by the fact that the company' could not see an IPO in the near future, leaving its venture capital backers with no viable exit strategy.
An in-depth version of this article can be read next week on BioArray News.