Febit laid off 60 percent of its employees in a restructuring move.

The changes to the Lexington, Mass., and Heidelberg, Germany-based biomarker discovery firm included the resignation of president and CEO Cord Staehler. He also gave up his position on the company’s board.

Company CFO Jochen Kohlhaas assumes the role of co-CEO together with new appointee Hartmut Voss.

Febit said the downsizing is a consequence of its refocusing on blood-based microRNA biomarker discovery, the "company’s most successful business segment," according to a press release. The company plans to expand its mRNA biomarker profiling for large scale diagnostics for cancer, cardiovascular diseases and multiple sclerosis.

Febit chairman Christof Hettich said in a prepared statement that the restructuring is in the best interest of its shareholders. Hettich is managing director of the company’s main investor, Dievini Hopp BioTech Holding GmbH & Co. KG, where Voss is also an advisor.