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Despite Massive Layoffs, Zyomyx Says It Will Not Close On Oct. 19

NEW YORK, Oct. 7 (GenomeWeb News) - The chief technology officer of protein chip company Zyomyx denied yesterday a posting on the Alameda County Workforce Investment Board's website stating that the company will close its doors on Oct. 19, leaving 44 employees out of work.


CTO Peter Wagner said that the company was required to submit paperwork to the ACWIB because of the magnitude of layoffs that the company had undergone, but that paperwork should not be interpreted as a closure of the company.


"The company at this point is not planning to close down," Wagner said.


Dorothy Chen, the director at the Alameda County Workforce Investment Board, said that her organization had received a letter from Hayward, Calif.-based Zyomyx informing them about its closure.


By state law, all Californiacompanies with more than50 employees are required to send a letter to the California Employment Development Department and to the Department of Labor-funded ACWIB a month before they close so that the state agencies can prepare for laid-off workers hitting the unemployment office, said Chen.


Zyomyx announced in February that it had raised $10 million in venture capital from investors including CSFB Private Equity, Alloy Ventures, Lilly BioVentures, Hambrecht & Quist Capital Management, Mediphase, and Bio One Capital.


"Situtations can change from month to month," said a partner from Mediphase Venture Partners, an equity investor in Zymoyx. The partner was unaware of the closure and asked not to give his name. "They have gone through a couple of layoffs as they've tried to rationalize their business and reduce their cost structure, and as far as I know they're still working on it."


Wagner said Zyomyx plans on issuing a release two to three weeks from now to inform the public about what the company's plans are.

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