DoubleTwist Lays off 20, Withdraws Planned IPO in Belt-Tightening Reorganization Effort | GenomeWeb

DoubleTwist has withdrawn its initial public offering and laid off “around 20 people” in a move to streamline its operations, said spokeswoman Nicole Litchfield. The layoffs represent approximately 10 percent of DoubleTwist’s staff.

“In light of current market conditions, we believe it is in the best interest of our shareholders to withdraw our registration statement for a public offering at this time,” Litchfield said.

DoubleTwist anticipated offering 5.75 million common shares priced at $13-$15, for a proposed offering price of $86.3 million.

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