NEW YORK (GenomeWeb News) – Helicos BioSciences is surrendering more than 51,000 square feet of space under a new lease agreement coverings its offices and facilities, according to a regulatory document filed late on Thursday.
The company also disclosed it is behind in its rent payment.
Under the terms of the new lease, the Cambridge, Mass.-based firm has surrendered and vacated 34,543 square feet in office space and will be surrendering an additional 16,782 square feet of space.
The operations of the company will be consolidated into a 6,689-square-foot facility, for which it will pay $16,722.50 in monthly rent.
The new lease took effect on Aug. 1 and expires on Dec 31, 2012.
The firm also said in its filing that it owes $54,757.82 in unpaid rent. With the execution of the amended lease, Helicos will pay its landlord, RB Kendall Fee, half of that amount with the balance to be paid over the course of the new agreement in monthly installments of $1,610.52 in addition to its regular rent.
Last month during its second-quarter earnings release, Helicos said that it would shrink the size of its facility to reduce costs. It also "phased out" six business and research positions, bringing the total number of employees to 10.
Last month the firm reported $809,000 in second-quarter revenues, up 22 percent year over year.
As of July 31, Helicos held cash and cash equivalents of $1.4 million.