Complete Genomics, the Mountain View based whole genome human sequencing and analysis company, announced that it will be laying off 55 employees by 30th June. The lay off is pat of its effort to reduce spending and will be using Jefferies & Company, Inc. to explore strategic alternatives.
In the press release announcing the restructuring, Complete Genomics said that the company will focus on developing clinical applications for its genome sequencing service in addition to offering high-quality genomes to research customers.
With the restructuring, Complete Genomics, put a hold on its plan to expand its sequencing capacity until the demand from clinical genomics grows. With the current capacity, Complete Genomics can sequence approximately 1,000 genomes at 40x coverage or 500 genomes at 80x coverage, per month.
Dr. Clifford Reid, Complete’s Chairman, President, and CEO, said that
Leading hospitals, health care systems and physicians are beginning to adopt whole human genome sequencing for clinical applications. Our industry-leading accuracy should position us well to capture this emerging opportunity.
About Complete Genomics
Complete Genomics was founded by Dr. Clifford Reid, Dr. Radoje (Rade) Drmanac, and Mr. John Curson in June 2005 and it began offering sequencing services in March 2006. Complete Genomics focus only on human genome and its services are only for human genome.