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UPDATE 1-Sequenom delays Down syndrome test; shares tank !

Says delays launch of Down syndrome test

* Cites employee mishandling

* Shares fall over 60 percent

April 29 (Reuters) - Sequenom Inc (SQNM.O) said employee mishandling of R&D test data and results has forced it to delay the launch of a Down syndrome test, sending its share plunging more than 60 percent after the bell.

The maker of genetic analysis products said it is no longer relying on previously announced research and development test data and results related to its SEQureDx technology.

The company said its board has formed a special committee of independent directors to oversee an independent investigation of the employees' activity related to the test data and results.

However, Sequenom also said its SEQureDx technology remained scientifically and technically sound, and that it would endeavor to have a validated test in the fourth quarter of 2009.

Separately, the San Diego-based company forecast 2009 revenues in the range of $32 million and $35 million, compared with the Wall Street consensus of $55.2 million.

In heavy trading after the bell, Sequenom shares were down to $4.75. They closed at $14.91 Wednesday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Anthony Kurian)