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Nanogen Plans To Lay Off 89 Employees

Nanogen, Inc. (Nanogen), a developer of molecular and rapid diagnostic products, said it will lay off 89 employees based in San Diego by July 14, 2009, as the company moves forward with the sale of its assets to Elitech Group (Elitech) for $25.7 million.

Nanogen on May 14, 2009, has filed a voluntary petition under chapter 11 bankruptcy protection and had inked the agreement to sell substantially all of its assets to Elitech.

At the time, Nanogen said that it was unable to secure sufficient working capital or alternative corporate transactions to enable the company to service its debt obligations and fund its operations.