Skip to main content
Premium Trial:

Request an Annual Quote

BG Medicine Layoffs Cut Company Headcount in Half; Firm Receives Nasdaq Warning

NEW YORK (GenomeWeb News) – BG Medicine said in a document filed yesterday with the US Securities and Exchange Commission that it has laid off 12 of its 22 employees, or roughly 55 percent of its workforce.

The company said it took this step "in order to reduce its operating expenses and extend its cash runway in anticipation of the commercial launch of automated versions of [its] galectin-3 test," which it plans to launch in the US in 2015.

The restructuring eliminated BG's sales and marketing team as well as certain positions in other areas. The company plans to complete the layoffs in the third quarter of 2014, during which time it expects to record one-time charges for severance payments and benefits continuation totaling approximately $300,000.

BG said it expects to save around $1.9 million per year from the layoffs.

The company also said that on Sept. 5 it received notice from Nasdaq that it fails to meet a requirement to remain listed on the Nasdaq Capital Market. The company is not in compliance with the requirement that its common stock maintain a minimum closing price bid of $1.00 per share.

BG has 180 days to regain compliance, which will be achieved if the closing bid price of its stock is at or above $1.00 for a minimum of 10 consecutive business days at any time during the 180-day period.

The Scan

Not as High as Hoped

The Associated Press says initial results from a trial of CureVac's SARS-CoV-2 vaccine suggests low effectiveness in preventing COVID-19.

Finding Freshwater DNA

A new research project plans to use eDNA sampling to analyze freshwater rivers across the world, the Guardian reports.

Rise in Payments

Kaiser Health News investigates the rise of payments made by medical device companies to surgeons that could be in violation of anti-kickback laws.

Nature Papers Present Ginkgo Biloba Genome Assembly, Collection of Polygenic Indexes, More

In Nature this week: a nearly complete Ginkgo biloba genome assembly, polygenic indexes for dozens of phenotypes, and more.