Medical technology firm Sensyne Health have announced plans to lay off more than 80 employees as part of a bid to save the crisis-hit company.
Sensyne's recently-appointed Chief Executive Alex Snow informed staff this week that as many as 80 jobs would be cut. That's two thirds of their 120-strong workforce.
The news comes as the Oxfordshire-headquartered business announced an emergency £26.3m refinancing package last week. New shareholders are being brought in, chief among which are the investment firm Hambro Perks.
The decision was made to call off a previously proposed formal sale of the company, following the new emergency financing.
It's something of a fall from grace for the business, given its previous success. Sensyne Health was founded by former science minister Lord Drayson and was listed on the London Stock Exchange four years ago with a market value of £225m. They will shortly be delisted from the exchange.
It's thought that the artificial intelligence divisions of Sensyne will be put up for sale. A percentage of the roles identified for redundancy may well move to new employers if the units are sold to new owners.