Helicos Announces System Sale to Correlagen Diagnostics
Helicos Announces System Sale to Correlagen Diagnostics
Purchase of a Helicos® Genetic Analysis System includes collaboration on the development of targeted resequencing assays
CAMBRIDGE, Mass., Sep 28, 2009 (BUSINESS WIRE) -- Helicos BioSciences Corporation (NASDAQ: HLCS) today announced the sale of a system and a scientific collaboration with Correlagen Diagnostics Inc., a leading provider of genetic tests for disease diagnosis.
"We are very excited to have Correlagen as both a customer and collaborator, and look forward to working with them as they develop diagnostic tests on the Helicos® Genetic Analysis Platform" stated Ron Lowy, CEO of Helicos. "This relationship demonstrates our commercial progress in both the research market and in diagnostics."
Correlagen, a Clinical Laboratory Improvement Amendments (CLIA) certified laboratory, plans to use the Helicos® Genetic Analysis System for novel, high-content, genetic tests based on resequencing broad panels of genes involved in disease areas such as cardiology, endocrinology, neuropsychiatry, and immunology. Helicos and Correlagen will collaborate on the optimization of sample preparation methodologies that benefit from single-molecule sequencing in the context of targeted resequencing, as well as on data analysis and visualization technologies for sequence variant detection, annotation, and clinical reporting.
"We believe that the Helicos System will allow us to provide DNA-based clinical assays of unprecedented value for the diagnosis of genetic disorders" stated David Margulies, President and CEO of Correlagen. "Helicos was the obvious choice for the CLIA-certified genetic diagnostics arena given the unique characteristics of this single-molecule sequencing platform. Our assays will have unmatched breadth, precision, and clinical utility."
The Helicos Genetic Analysis System is the world's first and only commercially available, single molecule sequencing technology, and enables genetic analysis without DNA ligation or amplification. Genetic analysis with the Helicos System can be performed on minute amounts of starting material with the simplest sample preparation procedures, thereby eliminating the biases, cost, complexity and errors introduced by DNA amplification. These benefits combine to provide customers with the most direct, accurate and cost-effective genetic analysis of clinical samples.
About Helicos BioSciences:
Helicos BioSciences is a life science company focused on innovative genetic analysis technologies for the research, drug discovery, and diagnostic markets. Helicos' proprietary True Single Molecule Sequencing, tSMS™, technology allows direct measurement of billions of strands of DNA enabling scientists to perform experiments and ask questions never before possible. Helicos is a recipient of the $1,000 genome grant and committed to providing scientists the tools to unlock the era of genomic medicine. The company's corporate headquarters are located at One Kendall Square, Building 700, Cambridge, MA 02139, and its telephone number is (617) 264-1800. For more information, please visit www.helicosbio.com.
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to the commercial and scientific outcome of the System sale to, and collaboration with, Correlagen discussed in this press release, and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Helicos' control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, our ability to successfully complete and/or scale the manufacturing and commercialization process for the Helicos Genetic Analysis System; our history of operating losses and ability to achieve profitability; our ability to sustain and scale our manufacturing capabilities; the research and development spending levels of academic, clinical and governmental research institutions and pharmaceutical, biotechnology and agriculture companies who may purchase our Helicos Genetic Analysis System; our reliance on third-party suppliers; competition; changing technology and customer requirements; our ability to operate in an emerging market; market acceptance of our technology; the length of our sales and implementation cycles; our dependence on large contracts for the sale and implementation of our Helicos Genetic Analysis System; failure of our technology and products; our ability to maintain customer relationships and contracts; ethical, legal and social concerns surrounding the use of genetic information; our ability to retain our personnel and hire additional skilled personnel; our ability to manage our growth while operating with limited resources; our ability to control our operating expenses; general economic and business conditions; our ability to obtain capital when desired on favorable terms; and the volatility of the market price of our common stock. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Helicos undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Helicos, see the disclosure contained in Helicos' public filings with the Securities and Exchange Commission.
Helicos BioSciences Corporation
Susan Shepard, 617-264-1850