Helicos Biosciences Corp. (OTC:HLCS) was delisted from the NASDAQ stock market today.
The Cambridge, Mass.-based developer of genomics instruments said in a Securities & Exchange Commission filing that "the state of its finances and near-term business prospects" made it "unlikely" for the company to reach the minimum market value of listed securities per NASDAQ’s rules, including a per share value of at least $1.
The company is eligeable for trading on the OTCQB, Pink OTC Markets Inc.’s market tier for over-the-counter traded companies that are reporting with the SEC, according to the filing.
Helicos received its first delisting warning from NASDAQ in April, and month later, it initiated layoffs in a restructuring move. The company has struggled during the past year, losing ground in the race for more affordable genome sequencing as San Diego-based competitor Illumina Inc. (NSDQ:ILMN) broke a significant pricing threshold in January. Former CEO Stephen Lombardi resigned in February, and was replaced in October by Ivan Trifunovich.
The company has since expanded its patent litigation strategy, alleging that not only Menlo Park, CA-based Pacific Biosciences of California Inc., but Carlsbad, Calif.-based Life Technologies Corp. (NSDQ:LIFE) and Illumina infringe five of its patents.