This article was originally published in The Gray Sheet
Gene-based cancer test firm is seeking additional funds for its North American operations via an equity financing, sale of non-strategic assets including its Research Products Division and interests in certain other affiliates, and "release of legal restrictions on the availability of certain cash deposits," the firm reports. Recently adopted cost-cutting measures include slicing its workforce by 40% in North America, which is anticipated to be completed by the end of the second quarter. A recent addition to an existing credit facility from a "major Oncor shareholder" brings available cash to approximately $3.2 mil. The Gaithersburg, Maryland firm is working with Lehman Brothers to "seek a major strategic transaction, including the possible sale of the company." The company disclosed in March plans to divest all non-oncology ventures in an effort to refocus the company ("The Gray Sheet" March 30, p. 26)
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