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In Brief This Week: PerkinElmer, KromaTid, Bruker, and More

NEW YORK – PerkinElmer laid off 44 workers during the second quarter, the company recently disclosed in a Form 10-Q filed with the US Securities and Exchange Commission. The layoffs were part of a restructuring plan to realign the company's resources. PerkinElmer laid off 105 employees in Q1 as part of a similar restructuring plan.

In Q2 PerkinElmer recorded charges of about $5.6 million related to the restructuring plan, including $4.5 million in the discovery and analytical solutions segment and $1.1 million in the diagnostics segment.

KromaTid said this week that it has completed a Series A financing round for an undisclosed amount with Denver-based firm First Capital Ventures. The Denver-based firm said that the funding will enable it to develop its directional Genomic Hybridization platform (dGH) to provide the gene editing market with tools to understand the success and quality of edits at the cellular level. The financing will specifically enable the company to expand the capability and capacity of the platform, and to further optimize AI-based image analysis capabilities, KromaTid said. These improvements will allow the firm to meet demand from its partners for single-cell structural genomic analysis to support therapeutic development programs.

Bruker this week declared a quarterly cash dividend of $.04 per share, payable on Sept. 20 to stockholders of record on Sept. 3.

Quest Diagnostics this week declared a quarterly cash dividend of $.53 per share, payable on Oct. 21 to shareholders of record on Oct. 4.

Cancer diagnostics firm VolitionRx said this week that as of June 30, it had $18.5 million in cash and cash equivalents. Its cash burn rate for the second quarter was $2.9 million. Recent highlights include a contract with the National Taiwan University to conduct a first large-scale lung cancer study. It also executed a similar contract with Shanghai Fosun Long March Medical Science for a study aimed at lung cancer. Last week, VolitionRx formed a US subsidiary, Volition Veterinary Diagnostics Development to develop and commercialize Nu.Q Vet products for the veterinary market. Nathan Dewsbury was appointed as the subsidiary's CEO.

Shield Diagnostics said this week it has received accreditation from the College of American Pathologists for its laboratory in San Jose, California. The company is developing rapid molecular tests that target antibiotic use for specific infections. Its first such product, Target-NG is for evaluating ciprofloxacin-resistance in gonorrhea cases.The test is also being evaluated as a reflex test for gonorrhea, chlamydia, and trichomoniasis.

Co-Diagnostics this week reported a 535 percent increase in its second quarter revenues. For the three-month period ended June 30, the Salt Lake City-based company's revenues jumped to $61,574 from $9,696 in the previous year's quarter.

The company's net loss for Q2 was $1.3 million, or $.08 per share, compared to $1.4 million, or $.11 per share, in the year-ago quarter. 

Its R&D spending in Q2 2019 decreased 13 percent to $312,590 from $357,889, while its SG&A costs increased 11 percent to $1.1 million from $992,558. 

Co-Diagnostics ended the quarter with $3.9 million in cash and cash equivalents. 

Last month, the company disclosed that it had been notified by the Nasdaq that it could face delisting action after its stock closed below a minimum $1 per share for 30 consecutive days.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.