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Genaissance Bites Bullet
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Business New Haven
8/19/2002
By: BNH
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NEW HAVEN - Genaissance Pharmaceuticals (NASDAQ: GNSC) laid off 26 percent of its workforce on August 5, as Gualberto Ruano was replaced by former CFO Kevin Rakin as chief executive officer.
Twenty-nine of the company's 110 employees were pink-slipped, most of them workers in the DNA sequencing facility. Company founder Ruano moves from CEO to vice chairman and chief scientific officer. The company said the moves were intended to make Genaissance cash flow-positive within three years without raising additional capital.
The company reported a second-quarter net loss of $13.5 million, including a $6 million charge to write down excess DNA sequencing equipment. For the year, Genaissance projected revenues of $9 million to $10 million and a net loss (excluding the special second-quarter charge) of between $28 million and $30 million
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