SAN DIEGO--(BUSINESS WIRE)--Nanogen, Inc. (Nasdaq:NGEN), developer of advanced diagnostic products, announced today that the Company plans to close commercial operations of the array business and reduce staff by approximately 20%. Today’s announcement follows the decision in September to investigate strategic alternatives for the array business. “Our analysis of alternatives for the array business has not resulted in any financially meaningful opportunities,” said David Ludvigson, Nanogen’s President and COO. “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. Eliminating the investment and operating costs for the array product group will result in an operating expense reduction of approximately $15 million. This significant improvement in the bottom line will be achieved with minimal impact to our revenues.”
