The firm hopes to cut its monthly burn rate 32 percent as it pushes forward with plans to launch second-generation miRview tests.
The firm will cut another 14 positions, on top of the previously announced 40 jobs, as it aims to reduce its operating costs.
A streamlining of its Life Sciences and Clinical Labs operations is expected to result in a reduction of annualized operating expenditures of $4 million.
As the firm completes the first phase of its restructuring, it reported a 51 percent increase in revenues and appointed a new CEO.
The firm expects to incur approximately $667,000 in restructuring costs.
The firm has decided to focus on growing its molecular diagnostics services business rather than continuing to pursue a deal with a partner.
The firm is pressing ahead with its plans to focus on the molecular diagnostics market. Part of its restructuring includes the departure of J. William Efcavitch as chief technology officer.
The firm reported that it had not received any revenues in the quarter tied to system sales. It had announced separately yesterday that it will reposition its focus on the molecular diagnostics industry.
The firm said that it expects to save $4 million to $5 million annually following the restructuring.
The firm will increase its focus on providing diagnostics services while aiming to trim its burn rate by 40 to 60 percent.
Bloomberg Law writes that the Genetic Information Nondiscrimination Act may work better as a privacy, rather than anti-discrimination, law.
TechCrunch reports that Linda Avey has a new personal genomics startup that's focusing on India.
A new report finds that though the US has increased its activity in science and engineering, its global share of that activity has fallen in some areas, according to Inside Higher Ed.
In Nature this week: genomic analysis of rapeseed, universal target enrichment method for metagenomic sequencing, and more.