Friday, December 5, 2008

Helicos plans to cut 30% of workforce

By Mass High Tech Staff

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Genetic analysis systems developer Helicos BioSciences Corp. has announced through a filing with the U.S. Securities and Exchange Commission Wednesday that it plans to lay off about 30 percent of its current workforce in the fourth quarter of 2008.

The company listed 114 employees in September, which amounts to about 34 employees who may be cut. Helicos (Nasdaq: HLCS) said it expects to spend about $450,000 in one-time costs to cover the employee severance packages.

The job cuts are intended to lower operating expenses, the company said.

The filing was signed by newly appointed CEO Ronald Lowy, whose position was announced on Tuesday. Helicos has shuffled the CEO position a few times in the last few months. Former CEO Stan Lapidus was followed by Steve Lombardi, who held the position for three months before Helicos named Lowy the new CEO. Lombardi will continue working as president of the company.

Lowy previously served as CEO of Fisher Biosciences, a division of Fisher Scientific Inc., and as president of Global Connectivity Solutions for ADC Telecommunications.

Helicos BioSciences reported a net loss in June 2008 of $11.9 million on quarterly revenue of $250,000.