Breast firm HumaScan slashes work force
Citing "severe liquidity problems," breast cancer detection firm HumaScan of Cranford, NJ, has laid off most of its work force and is pursuing strategic alternatives that could result in the sale of the company. The firm said it is taking the approach
Citing "severe liquidity problems," breast cancer detection firm HumaScan of Cranford, NJ, has laid off most of its work force and is pursuing strategic alternatives that could result in the sale of the company. The firm said it is taking the approach due to slow sales of its BreastAlert TDS system, which is designed to detect breast pathology by measuring differences in skin temperature in breast tissue.
Sales of BreastAlert TDS began earlier this year, but the product has generated revenues of only $57,000 in the company's most recent quarter (end-June). That has led to a cash-flow shortage at the firm, a situation that has been complicated by the company's declining stock price and generally turbulent conditions on Wall Street.
HumaScan executives said on Nov. 4 that the company has reduced its personnel from 17 employees to four. The company is also seeking additional funding, with the option of selling the firm if necessary.
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