GAITHERSBURG, Md. (AP) - Gene Logic Inc., which provides genetic testing services to drug makers, on Tuesday said it will cut about 80 jobs in the restructuring of its genomics division.
The company said the restructuring will result in about $1.5 million in severance and outplacement costs, but will save about more than $8 million per year.
Employees supporting existing products and services for customers will be maintained. The company's preclinical and drug repositioning divisions will not be affected.
The company withdrew its guidance for 2006 and 2007 in June, and announced it would perform a review of its genomics division.
Gene Logic shares rose 4 cents, or 3.3 percent, to close at $1.27 on the Nasdaq.
© 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
No comments:
Post a Comment