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Prolinx Closes Shop, Auctions Assets

This article has been updated to clarify information from DoveBid in the the third paragraph.

 

NEW YORK, March 24 - According to recent reports from the Seattle-area business press, Bothell, Wash.-based proteomics firm Prolinx has ceased operations.

 

The company, which laid off nearly half its staff as part of a restructuring effort in October, let its remaining 20 or so employees go in late February, according to the March 20 Seattle Times.

 

According to the website of auction house DoveBid, an initial liquidation sale for the company's assets was held on March 13 and an additional webcast auction took place on March 20.

 

Prolinx officials could not be reached for comment.

 

Prolinx, founded in 1995, raised $16.8 million in funding in 2001, but was struggling to control its burn rate as it pushed to wrap up development of its Acapella technology -- a label-free surface plasmon resonance-detection system to analyze molecular interactions that was originally scheduled to hit the market in 2002.

 

The October restructuring directed the remainder of the company's resources on the delayed product launch, and Prolinx suspended active marketing of nearly all of its other products with hopes of cutting its burn rate in half.

 

It appears that these efforts were too little, too late, however. Leslie Linkkila, former vice president of sales and marketing at Prolinx, told the Seattle Times that while development on Acapella was progressing nicely, the company ran out of money before it could bring it to market.

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