Bioptix cuts employees, explores ‘strategic alternatives’

BOULDER — Bioptix Inc. (Nasdaq: BIOP) announced Friday that it “will terminate certain employees” and will explore strategic alternatives.”

The company said in a press release that it ” will terminate certain employees associated with the September 2016 acquisition of its subsidiary, Bioptix Diagnostics, Inc. The Company commenced terminations on January 16, 2017 and terminations are expected to be completed within 30 days.”

Michael Beeghley, chairman of the Bioptix board of directors, said in the press release, “The Board and executive team are committed to growing the business of the Company and enhancing prospects for growth and increasing shareholder value.  In this endeavor we may explore strategic alternatives that would be accretive to the Company as a whole and that would maximize shareholder value.”

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Castle Rock biotechnology firm Venaxis Inc. acquired Boulder-based BiOptix Diagnostics Inc. in an all-stock transaction worth roughly $2.6 million in September 2016. Venaxis in December changed its name to Bioptix Inc., with operations moved to BiOptix headquarters at 1775 38th St. in Boulder.

But a Florida shareholder unhappy with the deal forced the resignation in January of three Bioptix directors, including the former lieutenant governor of Colorado. Gail Schoettler (former Colorado lieutenant governor), Susan Evans and David Welch resigned from the company’s board as of Jan. 6, 2017, after biotech investor and Bioptix shareholder Barry Honig commenced legal action in Colorado state court to force a special meeting to remove the directors.

That legal action is being terminated, the company said.