Transgenomic Wraps Up Its Reorganization; 60 Staffers Cut, R&D Shops Shut

NEW YORK, Feb. 25 (GenomeWeb News) - Transgenomic yesterday said it has wrapped up a previously announced restructuring that resulted in 60 job cuts and the closure of R&D facilities related to its nucleic acids segment.

As part of the reorganization, which also saw the closure of two European field offices, Transgenomic will record approximately $3.5 million in fourth-quarter 2004 costs.

As GenomeWeb News reported in November 2004, Transgenomic disclosed plans to shutter a facility in Boulder, Colo., and lay off 60 staffers as part of a broader effort to trim costs.

At the time, the Omaha, Neb.-based company said it sold its oligonucleotide-manufacturing facility and downsized as it continues to struggle to trim expenses and save cash. Transgenomic announced the belt-tightening as part of its third-quarter 2004 financial report, in which a mild up-tick in revenue amid widening losses and slightly more than $1 million in the bank painted a bleak near-term picture for the company.

Transgenomic had also said it would lay off around 60 employees worldwide, and close two US-based research and development facilities linked to the firm's synthetic nucleic acid business, and two European field offices.