Biotech company Cue Health is enacting a new cost-cutting strategy that will lead to the termination of 230 employees, constituting 49% of its workforce, according to documents filed with the U.S. Securities and Exchange Commission.
Cue Health said the move was made in a bid to lower its cost framework and enhance its operational effectiveness.
Cue Health, located in San Diego, is known for its rapid COVID-19 test.