Helicos Halves Work Force
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: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.