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Apr 04, 2016
 |  BioCentury  |  Finance

Restructuring watch

Restructuring watch

DateCompanyStaff cutsCashYrs cash pre-cutCash date12-mo op loss ended 12/31
1/7/16Sequenom Inc. (NASDAQ:SQNM)20% to 390$76.29.6512/31/15$7.9
Sequenom restructured to focus on women's health and will look for commercialization partners for its cancer liquid biopsy assay. The company plans to sell its clinical genomic laboratory in Research Triangle Park, N.C., and consolidate those operations in San Diego, Calif. Sequenom expects the restructuring to save about $10M annually.
1/18/16iCo Therapeutics Inc. (TSX-V:ICO; OTCQX:ICOTF)100% to 0$2.42.221/18/16$0.8 (A)
iCo terminated all employees to preserve cash but has retained President and CEO Andrew Rae, CFO John Meekison and CMO Peter Hnik in a reduced consulting capacity. In 2014, iCo reported that iCo-007, an antisense inhibitor of c-raf kinase, failed in a Phase II trial to treat diabetic macular edema (DME). The company said it has since conducted "an exhaustive search" for potential acquisitions and business combinations but has been "unable to conclude a value...

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