Seattle-based publicly traded biotech company NanoString Technologies said in a filing Friday that it plans to cut about 50 positions, or 9% of its workforce.
The company also reported that it received a notice from Nasdaq about its stock price being below the $1/share minimum requirement for 30 consecutive business days. It has until July 2 to regain compliance.
NanoString’s stock fell sharply in November following a loss in a patent infringement case against 10X Genomics.
10x Genomics accused NanoString of infringing on seven patents related to NanoString’s GeoMx Digital Spatial Profiler that analyzes RNA and protein.
Founded in 2003, NanoString spun out of Institute for Systems Biology and went public in 2013. It previously announced layoffs in October, cutting about 110 positions.
Shares of NanoString reached a record-high in 2021, trading at more than $80/share.
