Print
Email
Print Edition Stories
MHT's Julie Donnelly: Life science startups finding investments
MHT's Marc Songini: Technology to keep seniors healthy
Map of New England mapping companies
Helicos BioSciences Corp. confirmed Tuesday it continues to work with an investment bank to explore “strategic alternatives” and is engaged in discussions with multiple parties to potentially advance its genetic-sequencing technologies.
The Cambridge-based company, which has seen its cash position shrink amid a string of losses and limited revenue generation, did not disclose the nature of those discussions nor did it name the parties involved. It has retained Thomas Weisel Partners, which has offices in Boston, to manage those negotiations.
The update comes amid several operating and sales developments for the six-year-old company. In the quarter ended September 30, Helicos said it more than doubled its sales of its Genetic Analysis System for the year. Sales of the system now stand at 11 units, compared with six such transactions through the first six months of the year. The company said $5 million in cash receipts are expected from its previously announced system orders.
Helicos (Nasdaq: HLCS) also recently completed a private placement of common stock and warrants that netted $9.4 million. Earlier this month, the company won a two-year, $2.9 million grant from the federal government’s National Human Genome Research Institute and its “$1,000 Genome Sequencing Technology Development” program. Funding for the program comes from the American Recovery and Reinvestment Act.
Helicos also recently renegotiated the lease terms for its corporate headquarters and research facility in Cambridge, a move that should result in cost savings in the year ahead.
Since its founding in May 2003, Helicos has booked a cumulative net loss of $152 million.
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.