Trinity Biotech to close Uppsala facility
As previously reported, Trinity Biotech has announced that it is withdrawing its 510(k) premarket notification submission for the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer. The company added: "We will now embark upon an internal process to determine the best future opportunity for this technically excellent platform, concentrating on which products and markets we should focus on, including establishing the optimal strategic outcome for Troponin. This process is expected to take between 9 and 12 months. In the meantime we have decided to move the technology from our Swedish facility in Uppsala to our facility in Bray, Ireland where it will be incorporated into our existing R&D and manufacturing infrastructure. This will result in the closure of the Uppsala facility, which will result in approximately 40 redundancies. Consequently expenditure levels, which are currently running at an annualized rate of over $9M, will be reduced to approximately $1.5M per annum. There will however, be Swedish redundancy and closure costs which are currently in the process of being determined. The company will also recognize a non-cash write-off in excess of $50M, representing the costs incurred on the project, which will be recognized in our Q4 income statement."