NEW YORK – Thermo Fisher Scientific has carried out a restructuring and headcount reduction during Q1 of 2025, according to the company's quarterly filing with the US Securities and Exchange Commission last week. Thermo Fisher said the layoffs and facility consolidations, which affected approximately 1 percent of its workforce, are part of its efforts to streamline operations. The company said it has identified restructuring actions, primarily in the laboratory products and biopharma services business segments, that are expected to result in additional charges of approximately $120 million in restructuring costs, primarily in 2025.
GeneDx said this week that it has completed the acquisition of Fabric Genomics, a deal announced last month that called for GeneDx to pay $33 million in cash upon closing and up to another $18 million if certain milestones are met. Fabric Genomics will operate as an independent subsidiary of GeneDx.
Integrated DNA Technologies has launched a new innovation hub, dubbed the "Innovation Nexus," in Redwood City, California. The new site will serve as a collaboration center that enables IDT to innovate with regional customers, forge strategic partnerships, and drive R&D initiatives with biotechnology companies. The Coralville, Iowa-based company said that the new site is a pivotal element of its strategic roadmap to acquire emerging and transformative synthesis technologies and drive market growth in precision oncology through next-generation sequencing applications.
Psomagen said this week that it has joined the Billion Cells Project led by the Chan Zuckerberg Initiative as a service provider. The Rockville, Maryland-based multiomics company is using Ultima Genomics' UG 100 high-throughput sequencer to provide project researchers with single-cell workflows. The data will be fed to AI models designed to better understand and predict cellular behavior to improve human health. Other technology partners include Ultima Genomics, 10x Genomics, and Scale Biosciences.
Danaher said this week that its board of directors has approved a regular quarterly cash dividend of $.32 per share of its common stock, payable on July 25 to shareholders of record on June 27.
Volta Labs said this week that it has inked a multiyear collaboration with the Hartwig Medical Foundation to develop a sample processing platform for the most common cancer diagnostic sequencing applications including whole-genome sequencing, targeted sequencing, circulating tumor DNA analysis, and RNA profiling. The collaboration expands the existing partnership between Volta and Hartwig, with the latter adopting the Volta's Callisto liquid handling platform for an automated hybrid capture workflow. The teams said they are currently developing library preparation for tissue- and ctDNA-based whole-genome sequencing to diagnose tumors and monitoring disease burden.
Cardio Diagnostics this week announced a 1-for-30 reverse stock split, effective with the market opening on May 13. The stock split is part of the company's plan to regain compliance with the minimum bid price requirement for the continued listing on the Nasdaq Capital Market. As a result of the stock split, every 30 shares of the company's common stock issued and outstanding prior to the opening of trading on May 13 will be combined into one issued and outstanding share, with no change in the nominal par value per share of $.00001. Chicago-based Cardio Diagnostics is developing clinical tests for cardiovascular disease using an artificial intelligence-driven "Integrated Genetic-Epigenetic Engine."
Co-Diagnostics said this week that it trimmed its Q1 net loss to $7.5 million, or $.24 per share, from a net loss of $9.3 million, or $.31 per share, a year ago, as it slashed its operating expenses by 18 percent year over year to $8.6 million. For the three months ended March 31, the Salt Lake City-based molecular diagnostic test developer reported revenues of $100,000, down from $500,000 a year earlier, primarily due to the timing of grant revenue recognition. The company said that it remains on track for the initiation of clinical evaluations for four tests in its product pipeline (tuberculosis, respiratory multiplex, HPV multiplex, and COVID-19) and the completion of a manufacturing facility in India by year-end. The company finished the quarter with $1.9 million in cash and cash equivalents and $19.6 million in marketable investment securities.
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.