Progenity Inc

+0.11 (+3.38%)
Layoffs, Products, Other Pre-Announcement

Progenity Launches Strategic Transformation Into Biotech Company, Eliminating Costs Of Progenity Genetics Lab And Focusing On Robust, Innovative Research And Development Pipeline

Published: 06/02/2021 11:48 GMT
Progenity Inc (PROG) - Progenity Launches Strategic Transformation Into Biotech Company, Eliminating Costs of Progenity Genetics Lab and Focusing on Robust, Innovative Research and Development Pipeline.
Progenity Inc - Co Will Seek to Reallocate Resources to Research and Development and Materially Reduce Operating Expenditures by About 70%.
Progenity - Progenity Will Discontinue Providing Genetic Laboratory-developed Test Services Through Its Ann Arbor, Michigan Clia-certified Laboratory.
Progenity Inc - Will Cease Offering Its Preparent Carrier Test, Innatal Prenatal Screen, Riscover Hereditary Cancer Test, and Resura Prenatal Test.
Progenity Inc - Strategic Transformation is Expected to Be Completed Over Next About 60 Days.
Progenity-strategic Transformation Will Include Reduction in Force of About 374 Employees Across Progenity and Avero, Or About 56% of Total Workforce.
Progenity Inc - Transformation is Also Expected to Result in Annualized Cost Savings of About $130 Million in Sg&a.
Progenity-capital Requirements After Accounting for Costs of Transformation Expected to Be About $4-$5 Million per Month Before Any Non-dilutive Inflows.
Progenity Inc - Withdrawing Previously Announced Financial Guidance for 2021.
Progenity Inc - Continuing to Seek Opportunities to Generate Non-dilutive Capital Through Partnerships and Strategic Alternatives for Non-core Assets.