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Home » Helicos looks to scoop up $6.4 million

Helicos looks to scoop up $6.4 million

December 16, 2009 By MassDevice staff

Helicos BioSciences Corp. (NSDQ:HLCS) hopes to scoop up $6.4 million through a registered direct offering of 6.4 million stock shares priced at $1 per unit.

The Cambridge, Mass.-based gene sequencing firm said each unit consists of one share of its common stock and a warrant to buy 0.65 of a share, exercisable at $1.4385 per share for five years beginning six months after issuance. The offering is expected to close Dec. 21.

Helicos said it plans to use the infusion to fund research and development and for general corporate purposes, including working capital.

The company took itself off the market in November, citing improved prospects and a rising market valuation for its decision not to pursue the proverbial “strategic alternatives.” In September the company sold slightly more than 4.3 million shares of stock to a group of existing and new investors, generating $9.4 million in net proceeds after expenses.

Helicos finished the quarter ended Sept. 30 with $11.5 million on hand, according to a regulatory filing, posting sales of $1.1 million during the third quarter and narrowing its net loss from $11.5 million during Q3 2008 to $6.9 million during the third quarter of 2009.

And in October the company landed a $2.9 million grant from National Human Genome Research Institute slated for improvements to the company’s Helicos sequencing system, billed as the world’s first DNA microscope. The sequencer uses fluidics and optics to process two flow cells simultaneously, performing strand synthesis and imaging at the same time.

Filed Under: Business/Financial News, Diagnostics, Genomics/Molecular Diagnostics, News Well

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