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In Brief This Week: PerkinElmer, T2 Biosystems, Quest Diagnostics, and More

NEW YORK – PerkinElmer laid off 44 workers during the second quarter, the Waltham, Massachusetts-based company disclosed in its Form 10-Q recently.

The layoffs were part of a restructuring plan to "realign resources to emphasize growth initiatives."

The company laid off 105 employees in Q1 as part of a similar restructuring plan.

In Q2 PerkinElmer recorded charges of about $5.6 million related to the restructuring plan, including $4.5 million in the Discovery & Analytical Solutions segment and $1.1 million in the Diagnostics segment.

T2 Biosystems this week announced that it has entered into an exclusive distribution agreement to introduce its rapid diagnostic technologies, including the T2Bacteria and T2Candida Panels, in Australia, Fiji, and New Zealand.

In aggregate, these countries have approximately 1,150 hospitals that could benefit from its products, according to T2. Its products are now available in 35 countries in addition to the US and the UK.

Co-Diagnostics reported this week a 535 percent increase in its second quarter revenues. For the three-month period ended June 30, the Salt Lake City-based company's revenues jumped to $61,574 from $9,696 in the previous year's quarter.

The company's net loss for Q2 was $1.3 million, or $.08 per share, compared to $1.4 million, or $.11 per share, in the year-ago quarter. 

Its R&D spending in Q2 2019 decreased 13 percent to $312,590 from $357,889, while its SG&A costs increased 11 percent to $1.1 million from $992,558. Co-Diagnostics ended the quarter with $3.9 million in cash and cash equivalents. 

Last month, the company disclosed that it had been notified by Nasdaq that it could face delisting action after its stock closed below a minimum $1 per share for 30 consecutive days.

Shield Diagnostics said this week it has received accreditation from the College of American Pathologists for its laboratory in San Jose, California. The company is developing rapid molecular tests that target antibiotic use for specific infections. Its first such product, Target-NG, is for evaluating ciprofloxacin-resistance in gonorrhea cases. The test is also being evaluated as a reflex test for gonorrhea, chlamydia, and trichomoniasis.

Cancer diagnostics firm VolitionRx said this week that as of June 30, it had $18.5 million in cash and cash equivalents. Its cash burn rate for the second quarter was $2.9 million.

Recent highlights include a contract with the National Taiwan University to conduct a first large-scale lung cancer study.

It also executed a similar contract with Shanghai Fosun Long March Medical Science for a study aimed a lung cancer. Last week, VolitionRx formed a US subsidiary, Volition Veterinary Diagnostics Development to develop and commercialize Nu.Q Vet products for the veterinary market. Nathan Dewsbury was named its CEO. 

Quest Diagnostics this week announced a quarterly cash dividend of $.53 per share, payable Oct. 21 to shareholders of record on Oct. 4.

Bruker this week announced a quarterly cash dividend of $.04 per share, payable Sept. 20 to stockholders of record on Sept. 3.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.