Bionano Genomics to Lay Off 84 Employees, Including CFO; Shares Down Pre-Bell

Bionano Genomics (BNGO) said Monday it is laying off about 45% of its workforce, or 84 employees including Chief Financial Officer Gulsen Kama, as part of a broader cost-cutting plan.

The layoffs are expected to be done by Oct. 1, Bionano said, adding that the move is incremental to the company's target of saving $25 million to $30 million in annual operating expenses by Q4.

Bionano said Kama will step down by Sept. 18 as part of the staff reduction. Chief Executive Erik Holmlin and finance executive Mark Adamchak will take over the company's finance and accounting departments until a new CFO is appointed, Bionano added.

Shares of the company were down 4.5% in recent Tuesday premarket activity.

Price: 0.4251, Change: -0.02, Percent Change: -4.47