Cut off from raising funds by a roiled public market, MonoGen announced that it is halting commercial operations and laying off 75 percent of its work force. Piper Jaffray has been brought in to assess the remaining financial alternatives for the diagnostics company.
"It is with great disappointment that we find it necessary to take this strong action at this time," said Ted S. Geiselman, MonoGen's CEO. "Despite our significant and thorough efforts seeking additional investment capital, adverse financial market conditions in conjunction with increased challenges on the commercial front have made raising additional capital unfeasible.
- check out the press release [1]
Related Articles:
Scientists leave biotech for clean tech [2]
Congress extends R&D tax credit in bailout [3]
Financial crisis clouds the future of biopharma [4]
Economy catches up with biotech investing [5]
Despite layoffs, scientists in high demand [6]
Links:
[1] http://www.foxbusiness.com/story/markets/industries/health-care/monogen-announces-cessation-commercial-operations-2079051683/
[2] http://www.fiercebiotech.com/story/scientists-leave-biotech-clean-tech/2008-10-07
[3] http://www.fiercebiotech.com/story/congress-extends-r-d-tax-credit-bailout/2008-10-06
[4] http://www.fiercebiotech.com/story/financial-crisis-clouds-future-biopharma/2008-10-03
[5] http://www.fiercebiotech.com/story/economy-catches-biotech-investing/2008-08-29
[6] http://www.fiercebiotech.com/story/despite-layoffs-scientists-still-high-demand/2008-09-26?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FB0