NEW YORK, April 15 - Xanthon has laid off approximately half its existing staff as it struggles to find private-equity financing, the company's COO and interim CEO, Neil Moore, told GenomeWeb.
The job cuts, made on April 9, brought the company's head count to 17 full-time employees and comes after 10 staffers were laid off in the fall.
"We continue to talk to funds, we think we have a good story, and we had to make some decisions to conserve the cash we had," Moore said.
The company's latest financing, announced in January, was a Small Business Innovation Research grant from the United States Army worth roughly $70,000. Cash from that grant was to help Xanthon study the feasibility of developing a portable electrochemical DNA biosensor.
Technology being developed by Research Triangle Park, NC-based Xanthon is built on an electrochemical platform that helps detect nucleic acids without the need for sample preparation, amplification, of the use of fluorescent, chemiluminescent, or radioactive labels.
A shortage of cash delayed the product's launch, which was scheduled for earlier in the year. A new launch date has not yet been set.