DECEMBER 17, 2023 — 15% REDUCTION IN WORKFORCE - 255 EMPLOYEES TARGETED
The company has announced strategic changes to streamline operations and reduce operating cash burn. The company has divested the assets of Ciitizen and announced strategic cost cuts, which will include a workforce reduction and other operating expense reductions.
Ciitizen Divestiture — Ciitizen is a patient-centric consumer health tech platform that helps patients collect, organize, store and share their medical records digitally. With the divestiture, the Ciitizen assets have been transferred to a new entity established by the leadership team of the Ciitizen business and funded by a group of venture capital investors. Invitae maintains a minority equity interest in this newly formed company. Invitae and the new company intend to collaborate on key initiatives as the Ciitizen platform expands globally.
Invitae continues to operate its core genetics data business, including sponsored testing programs, biopharma research services, and rare disease discovery.
“We continue to believe that patient-consented data is growing in importance for improving patient care and that this new company will be able to take the platform to the next level,” said Ken Knight, president and chief executive officer of Invitae. “Ciitizen’s direct relationships with patients are at the heart of our platform, and Ciitizen has proven its benefits to patients living with rare diseases,” said Farid Vij, prior Ciitizen general manager at Invitae and chief executive officer of the new company. “We’re grateful for the incredible support from Invitae and our investors, and we are excited to continue to serve more patients and their families. We remain dedicated to working closely with the patient advocacy groups and industry partners in the rare disease community, and we look forward to exploring opportunities by partnering with Invitae.”
Strategic Operating Expense Reductions
Today, the company also implemented efforts to significantly reduce its operating expenses via workforce reduction and other cost-saving initiatives, which include streamlining processes across its core platforms and optimizing its technology, professional services, and other spending.
AUGUST 4, 2022 — Original post
San Francisco, California-based Invitae, a biotechnology company specializing in genetic testing, has announced a restructuring and cost-cutting effort to accelerate its move toward being cash flow positive and attract future investment by eliminating non-core or underperforming assets, including the withdrawal from certain foreign countries where genetic testing has been declining, and consolidating office and laboratory spaces.
The restructuring will impact over 1,000 employees.
According to Invitae CEO Kenneth Knight, “These adjustments will meaningfully extend our cash runway and accelerate the pursuit of our long-term growth targets and positive cash flow, Most importantly, the plan reaffirms our commitment to leading the way in shaping the future of medicine through powerful genomic tools.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
