Helicos Names New CEO and Retracts Guidance
These changes are likely related to Helicos’s inability to immediately raise cash. In its third quarter SEC filing, the company stated that its cash would last it through the first quarter of 2009. In the filing, the company reported available cash of $12.3 million. In September, Helicos said that it expected 5–10 orders for the HeliScope by the year-end and 15–30 orders by mid-2009. Steven Lombardi was just named CEO and president in August (see IBO 10/15/08). (For third quarter results, see page 12.)
Cambridge, MA 12/2/08; Washington, DC 12/2/08; Washington, DC 12/3/08—Helicos BioSciences, which this year commercialized the HeliScope DNA sequencer, has announced the appointment of Ronald Lowy as part-time CEO. He replaces Steve Lombardi, who will continue as president and as a Board member. Mr. Lowy was president and CEO of Fisher Scientific from November 2004 to April 2007 and has been a member of Helicos’s Board since November 2007. The company also retracted all previous guidance for 2008 and the first half of 2009, and announced a 30% reduction in work force.
