November 14, 2007 -- Nanogen Inc. (Nasdaq: NGEN), which develops advanced diagnostic products, plans to close its microarray business and reduce staff by about 20 percent, the San Diego-based company has announced.
"Our analysis of alternatives for the array business has not resulted in any financially meaningful opportunities" David Ludvigson, Nanogen's president and chief operating officer said in a news release. "We have determined that the best way to meet our commitment to improving financial performance for our shareholders is to focus on our real-time PCR and point-of-care testing businesses."
Ludvigson added that the cut will result in a savings of about $15 million with "minimal impact to our revenues."
