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PHOENIX — A Phoenix biotech firm will close its Phoenix facility and lay off 90 employees by the end of the year in the face of declining revenues due to Medicare and Medicaid changes.
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Pinnacle Transplant Technologies announced the layoffs and facility closure in an Aug. 17 Worker Adjustment & Retraining Notification submitted to the Arizona Department of Economic Security.
The company is a multi-service tissue bank that processes and distributes “high-quality allograft implants,” according to its website. Allograft tissue is donated from a human donor, typically deceased, for use in medical transplants.
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Pinnacle was founded in 2010 by Gabriel Hyams and was named to the Inc. 5000 list in 2015, according to previous Business Journal reporting.
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Read more of this story from the Business Journal.