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Freenome to Lay off 20 Percent of Workforce

NEW YORK – In a LinkedIn post late Tuesday, cancer testing firm Freenome said that it has decided to lay off approximately 20 percent of its employees after "thoughtful consideration," as it works to restructure its organization to better align with its strategic priorities.

The South San Francisco, California-based firm said the layoffs are occurring across multiple company functions. "As we continue to build our early cancer detection platform and portfolio of blood-based tests, we strive to direct and preserve our resources to align with our long-term success," a company spokesperson said in an email.

Freenome raised $254 million this February in a financing round led by Roche. However, when it announced recent data from its PREEMPT CRC trial, some investors were less than impressed.

"We are confident in our blood-based tests' role in leveling the playing field for all people who need access to recommended cancer screenings, and we are dedicated to delivering on this mission," the spokesperson said.