NEW YORK, Jan 19 – NetGenics laid off 29 people, or nearly 30% of its 100-person work force, as a result of the company’s inability to launch its initial public offering due to poor market conditions, NetGenics CEO Manuel Glynias said Friday.

“We haven’t been able to get the IPO done and it doesn’t look possible for the next quarter or two,” said Glynias. “We always hired because it was easy to raise money. Now it seems very sensible to me to focus the business.”

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