Friday, December 19, 2008

Helicos stock sale to bring in $18M

By Mass High Tech staff

Genetic analysis systems developer Helicos BioSciences Corp. has announced its plans to raise about $17.9 million in net proceeds by selling shares of its common stock and warrants. The money raised will go toward general use and working capital, Helicos said. Among the investors are Flagship Ventures, Atlas Venture, Highland Capital, and Versant Ventures.

Cambridge-based Helicos (Nasdaq: HLCS) reported that its gross proceeds will total about $18.6 million from the sale of 42.8 million units. The units, priced at 43.5 cents per share, consist of one common stock share and one warrant to buy 0.6 shares of common stock, priced at 45 cents per share. Leerink Swann LLC served as the agent for the private placement.

Earlier this month, Helicos announced through a filing with the U.S. Securities and Exchange Commission that it planned to lay off about 30 percent of its work force within the fourth quarter of 2008. The filing was signed by newly appointed CEO Ronald Lowy, whose position was announced shortly before the layoffs.

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