exceeded 2 million shares traded.Most probably the reason behind the low trade is the announcement that Helicos was delisted from NASDAQ as the company failed to comply with the minimum market bid price. According to the announcement, the securities of Helicos will be delisted from NASDAQ and the trading of the company’s common stock will be suspended “on or before the opening of business on November 16, 2010”. Still, the corporation will be provided 180 calendar days to regain compliance with the continued listing requirement.
Though, the announcement brought disappointment among the traders and they started dumping their shares.[BANNER]
Meanwhile, in end-October Helicos reported it has amended its lawsuit against Pacific Biosciences of California, Inc. for patent infringement by naming Illumina, Inc. and Life Technologies Corporation as additional defendants. According to the report, the suit was to seek injunctive relief and monetary damages.
Helicos BioSciences Copr. is focused on innovative genetic analysis technologies for the development and marketing of molecular diagnostic tests. In August, the company’s stock reached $0.80 per share, though since then the price has moved down.
In October, HLCS appointed Dr. Ivan Trifunovich as its new President and CFO with a salary of $30 thousand per month, subject to a potential annual increase by the compensation committee of the company’s board of directors.
According to its financial report, liabilities of Helicos are a bit higher than its total assets and the stockholders’ equity has decreased. The company’s revenue has increased, though expenses and operating loss have got higher.
As HLCS has had limited operations and its activities have consisted primarily of raising capital, conducting research and development and recruiting personnel, the company is still in the development stage. It aims transition to the diagnostic markets, however, there is no assurance that the company will be successful in entering them.
Since inception Helicos has incurred losses and has not generated positive cash flows from operations and the losses are expected to continue. Thus, the company “is actively pursuing various financing strategies and plans to seek to raise the funds it requires to continue its operations”. The management of HLCS claims that their “current financial resources raise substantial doubt about its ability to continue as a going concern”.
Currently, Helicos functions as a pink sheets company until NASDAQ final decision on December 27, 2010.
