NEW YORK (GenomeWeb) – Interpace Diagnostics announced today that it has cut 18 employees as part of an ongoing effort to restructure itself into a pure-play molecular diagnostics firm.
The move, the company said, will result in about $11.5 million in annual cost savings.
In November, Interpace — formerly known as PDI — disclosed that it was selling off its biomedical commercialization and marketing services business in order to focus on its molecular diagnostic offerings, which include the ThyGenX genetic mutation panel and its soon-to-be-launched ThyraMir microRNA expression classifier. A month later, the firm trimmed 36 staffers, primarily from its commercial services segment.
Interpace said today it has since eliminated the additional positions, while realigning its compensation structure, consolidating job roles, eliminating certain R&D programs, and streamlining its operating systems.
"The transition process from being a combined contract sales and molecular diagnostics business to a standalone, fully integrated molecular diagnostics company is nearly complete," Interim President and CEO Jack Stover said in a statement "Our job now is to begin delivering consistent growth in our core molecular diagnostics business that we are confident is possible while continuing to focus on controlling costs."
During early morning trading on the Nasdaq, shares of Interpace were down 6 percent at $.23.