GBSN Restructuring and Amendment to 2016 Note h
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Posted On: 02/20/2017 1:55:34 PM
GBSN Restructuring and Amendment to 2016 Note
https://gbscience.com/great-basin-announces-r...2016-note/
Salt Lake City, February 10, 2017 – Great Basin Scientific, Inc. (OTCQB: GBSN), a molecular diagnostics company, today announced a restructuring and cost reduction plan that is designed to focus Company resources on areas that accelerate the revenue growth of its current commercial product line. As part of the restructuring plan, Great Basin has streamlined certain manufacturing and administrative processes and will eliminate approximately 50 employees nationwide. Between these changes, along with other previously implemented cost reductions and added efficiencies, the Company expects to remove between $10 million to $12 million from its annual cash burn. The Company also announced today that it has significantly reduced the 2016 Convertible Note to $36 million.
“Since the Company’s inception, we have focused on building a pipeline of molecular diagnostic solutions that provide a unique and powerful combination of menu versatility, ease-of-use and low cost,” said Ryan Ashton, co-founder and chief executive officer of Great Basin. “This investment in R&D and operations infrastructure has resulted in our current product menu of four FDA-cleared tests and panels with two additional assays in the 510(k) process at the FDA. Customer response to our expanding menu has been very positive, and we are undertaking these changes to assure that we are well-positioned to grow the Company aggressively and sustainably." "The Company is continuing development of its previously announced assays and expects to commence new clinical trials later in 2017."
https://gbscience.com/great-basin-announces-r...2016-note/
Salt Lake City, February 10, 2017 – Great Basin Scientific, Inc. (OTCQB: GBSN), a molecular diagnostics company, today announced a restructuring and cost reduction plan that is designed to focus Company resources on areas that accelerate the revenue growth of its current commercial product line. As part of the restructuring plan, Great Basin has streamlined certain manufacturing and administrative processes and will eliminate approximately 50 employees nationwide. Between these changes, along with other previously implemented cost reductions and added efficiencies, the Company expects to remove between $10 million to $12 million from its annual cash burn. The Company also announced today that it has significantly reduced the 2016 Convertible Note to $36 million.
“Since the Company’s inception, we have focused on building a pipeline of molecular diagnostic solutions that provide a unique and powerful combination of menu versatility, ease-of-use and low cost,” said Ryan Ashton, co-founder and chief executive officer of Great Basin. “This investment in R&D and operations infrastructure has resulted in our current product menu of four FDA-cleared tests and panels with two additional assays in the 510(k) process at the FDA. Customer response to our expanding menu has been very positive, and we are undertaking these changes to assure that we are well-positioned to grow the Company aggressively and sustainably." "The Company is continuing development of its previously announced assays and expects to commence new clinical trials later in 2017."
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