NEW YORK (GenomeWeb) – Cancer Genetics announced after the close of the market on Friday that it is laying off an undisclosed number of employees and restructuring its functions.
The moves are part of an effort to consolidate and reduce costs related to administrative, finance, and operational support functions.
Additionally, Cancer Genetics said that Edward Sitar will leave the firm as chief financial officer and treasurer, effective Feb. 3. Victor Cross, who joined the firm in October 2016, has been promoted to chief accounting officer. Cross and Chief Operating officer and Executive Vice President of Finance John Roberts will take over Sitar's responsibilities.
The company said that the moves are expected to positively impact its income statement in the second quarter.