Helicos BioSciences (HLCS) to Cut Workforce by 30%
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In a Form 8-K, Helicos BioSciences (Nasdaq: HLCS) announced that it has committed to a work force reduction plan that will result in the reduction of approximately 30% of the Company’s workforce, during Q408. The Reduction in Force Plan is designed to reduce the Company’s operating costs and direct its resources to continue advancing towards the Company’s near term goals. Employees directly affected by the Reduction in Force Plan will be provided with severance payments and outplacement assistance.
The Company expects to incur restructuring charges relating to one-time termination benefits of approximately $450,000 in Q408. These charges represent employee severance and termination costs which will be paid out during Q408 and will continue into Q109. The charges that Helicos expects to incur in connection with the Reduction in Force Plan are subject to a number of assumptions, and actual results may materially differ.
Helicos BioSciences Corporation, a life sciences company, engages in the development of genetic analysis technologies for the research, drug discovery, and clinical diagnostics markets.
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