LYNX 25 %.
Lynx Announces Workforce Reduction
Wednesday January 22, 10:00 pm ET
HAYWARD, Calif., Jan. 22 /PRNewswire-FirstCall/ -- Lynx Therapeutics, Inc. (Nasdaq: LYNX - News) announced today a reduction of approximately 25% in its workforce. With the workforce reduction, Lynx's total company headcount will number approximately 90 people. The groups affected primarily by this action include research and development personnel based in Heidelberg, Germany, and those working in Lynx's proteomics group in California. The workforce reduction is intended to focus Lynx's financial and human resources on expanding the commercial use of its genomics analysis technology, Massively Parallel Signature Sequencing, or MPSS(TM), which provides comprehensive and quantitative digital gene expression information important to modern systems biology research in the pharmaceutical, biotechnology and agricultural industries.
"We recognize and thank our former employees for their contributions," said Kevin P. Corcoran, President and Chief Executive Officer of Lynx. "Our business strategy will focus on MPSS(TM), our product that currently generates revenues for us primarily through genomics discovery services for our customers. We believe that MPSS(TM) can achieve greater market penetration and a much higher level of commercial success. Additionally, we believe that the cost savings to be derived from a smaller, more focused workforce should help us in achieving our financial goals."
Mr. Corcoran continued, "At this point, given the growing interest in MPSS(TM) and our immediately available resources, we made a decision to discontinue our internal proteomics development efforts. We recognize Protein ProFiler(TM) as a potentially valuable asset, but are not in a position at this time to make any further development investment in this project." |
