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Nanogen to Let Go 89 San Diego Employees Amid Asset Sale

NEW YORK (GenomeWeb News) – Nanogen will lay off 89 employees based in San Diego by July 14, as the firm moves forward with the sale of its assets to French firm Elitech for $25.7 million.

The layoffs were listed on the website of California's Employment Development Department.

The molecular diagnostics firm said last month that it had filed for Chapter 11 bankruptcy protection and had inked the agreement to sell substantially all of its assets to Elitech. At the time, Nanogen said that it was "unable to secure sufficient working capital or alternative corporate transactions to enable the company to service its debt obligations and fund its operations."

The firm has not disclosed whether it will have any employees remaining in San Diego following the asset sale. It also operates an Italian affiliate, which will also be acquired by Elitech.

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