Howard Doran, who took over as CEO at LipoScience (Nasdaq: LPDX), is taking “cash management actions” to preserve capital.
In other words, layoffs.
And 22 people are being let do – some 10 percent of the firm;s work force.
The cuts were announced Monday.
“This workforce reduction was a very difficult decision for our Company, but a necessary one in order to streamline our operations company-wide,” Horan said in a statement.
“We remain grateful for all of our employees and these 22 individuals who have made a contribution to the Company. We recognize the consequences of this workforce reduction on their lives. As such, we have established severance and outplacement assistance for those employees affected by this action.”
The move comes after LipoScience terminated a contract with Health Diagnostic Laboratory in March.