Helicos BioSciences, a Cambridge, MA-based developer of genetic analysis technology, says it has cut 40 jobs or half its remaining work force this month to trim its operating expenses. The company (NASDAQ:[[ticker:HLCS]]) wants to apply its single-molecule gene sequencing technology in the molecular diagnostics field, after life sciences researchers have been slow to adopt the technology for DNA-sequencing studies. The firm had $11.3 million in the bank as of March 31, and it needs to raise “significant additional capital” before the end of June to fund its operations for another year, the firm said in a quarterly financial statement filed yesterday with the SEC. In February, Steve Lombardi resigned from his post as president of the cash-strapped company.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
View all posts by Ryan McBride
