Securities and Exchange Commission filings show that Invitae is looking to restructure its business and implement cost-reduction measures by prioritizing its genome sequencing and genome management platforms. Invitae’s chief operating officer, Kenneth Knight, will be stepping into the CEO role, replacing Sean George, PhD, according to the July 16 SEC filing.
The layoffs of more than 1,000 positions will generate $152 million for Invitae in savings. The company is also expected to consolidate office and lab space to generate further savings.
Read the full SEC filing here.
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