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In Cost-Cutting Move, Helicos to Reduce Office, Lab Space by About Half Under Extended Lease

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Helicos Biosciences has extended its lease for offices and labs at its current site in Cambridge, Mass., and will reduce its space by about half in an effort to reduce its monthly operating costs, according to a filing with the Securities and Exchange Commission this week.

The company, which laid off half its employees last month (IS 5/18/2010), had occupied about 46,300 square feet at One Kendall Square under a lease that expired in March.

Under the amended lease, starting in July, Helicos will be renting about 26,200 square feet for about $52,000 per month until Dec. 31 — 19,000 square feet of lab and storage space that it is already renting, for about $35,000 per month, and 7,200 square feet of new general office space that it will add in July, for about $17,000 per month.

The company plans to vacate its remaining 27,300 square feet of existing general office, lab, and R&D space as of June 30. The monthly rent for that space is about $80,000.

According to the lease agreement, Helicos will have "no further right to extend the term of the lease" with respect to the space it is currently renting.

As of March 31, Helicos had $11.3 million in cash and cash equivalents.

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