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Recent Lay-offs at Proteome Systems Will Cut Costs 30 Percent

NEW YORK, Nov. 22 (GenomeWeb News) - Proteome Systems has implemented a cost-management program that is to include job cuts in its Boston and Sydney, Australia, facilities.


The exact number of jobs that will be eliminated was not immediately clear.


According to the company, the reduction in headcount, along with a decrease in space requirements, is expected to lower monthly operating costs by 30 percent and result in an annualized savings of AU$6 million ($4.7 million) once they are fully implemented early next year.


Proteome Systems also noted that John Martin, executive director of the company, is stepping down from his position. The company noted that Martin will remain a non-executive director and consultant for at least the remainder of the financial year.