Quidel Corporation (Quidel), an in vitro diagnostics company, has cut work force about 10%, or 31 employees from all areas of the business in order to gain operational efficiencies and reduce costs. As a part of restructuring move, the company is refining its approach to business development activities and, among other changes, has therefore eliminated two related senior level positions. The firm also said that its chief technology officer, Thomas Foley will retire effective May 31, 2009.
Foley will continue as an employee through December 31, 2009 and will serve as a special advisor to the company during this time and in support of Quidel’s product development initiatives.
Quidel projects to incur a restructuring charge in the first quarter of 2009 for both personnel and non-personnel related costs and will provide the details of the restructuring charge when the company releases 2009 first quarter results.
“Quidel is taking a number of significant steps designed to reduce costs and retain our solid financial position,” said Douglas Bryant, president and chief executive officer of Quidel. “These streamlining measures are intended to improve the performance of our business as we focus on building our portfolio of rapid diagnostic tests and remain flexible to seize opportunities to further grow our point-of-care business. Our departing employees’ dedication supported Quidel’s significant progress and we are grateful for this.”
“During his career, Tom has been a strong leader and passionate advocate for improving healthcare decisions through the use of clinical diagnostics,” said Bryant. “Tom played an important role in the growth and success of our company, and my colleagues and I sincerely appreciate his contributions.”