A California health company now announces unexpected layoffs, resulting in the impact of more than 100 people.
Intended to preserve resources, the layoffs come weeks after Freenome released study data on its blood test for colorectal cancer that fell short of competitors’ results, reports MedTech Dive.
Freenome, a developer of blood tests for early cancer detection, said it is eliminating just over 100 jobs, or about 20% of its staff, in a restructuring.
Before the workforce reduction, it had about 530 employees, the company said Wednesday in an emailed statement.
The south San Francisco, California-based company said it is restructuring its organization to align with strategic priorities.
Earlier this month, Freenome published results from a study of a blood-based test for colorectal cancer that met its primary endpoints but fell short of analyst expectations for sensitivity measures.
Freenome wants to expand access to early cancer detection through screening tests based on a standard blood draw.
The company is focusing initially on colorectal and lung cancer and has single- and multi-cancer tests in development.
To advance that pipeline, the privately held company said it raised an additional $254 million in February in a financing led by Roche and supported by Quest Diagnostics and other investors.
“As we continue to build our early cancer detection platform and portfolio of blood-based tests, we strive to direct and preserve our resources to align with our long-term success,” the company wrote in a statement.
Freenome said it will provide transitional support to affected employees, noting the layoffs span multiple job functions.
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Other Economy News Today
A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.
A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.
Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.
However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.
The Save-A-Lot location not only provided jobs but also a budget store.
Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”
“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.
“I’m not happy because they are a less expensive store, you get more for your money.”
“Schnucks is on the higher end, and Aldi is higher than they used to be.”
The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.
“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”
“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.
“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
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