More Staffing Cuts at TrovageneThursday, March 16, 2017
Trovagene Inc., a local diagnostics company in San Diego, has announced another reorganization plan that resulted in a 30-person cut to its staff and a cost savings of $8 million per year.
The company previously announced a 20-person layoff in December, along with $4 million in annual cost savings.
The news comes as part of Trovagene’s earnings report, which showed the diagnostics company posted a wider than expected loss of 31 cents per share for the fourth quarter. That’s 2 cents wider than analysts were expecting, according to Zacks Consensus Estimate.
The loss was a result of increased expenses of $9.9 million for the quarter (up from $7.5 million in Q4 of 2015). The increase was largely due to R&D costs.
The 30-person layoff is linked to certain research, clinical studies, and operations. The new restructuring program will support the company’s expansion into precision cancer therapeutics, according to a company statement.