NEW YORK (GenomeWeb News) – Helicos BioSciences filed for Chapter 11 bankruptcy protection on Thursday.

The Cambridge, Mass.-based single-molecule sequencing firm filed its petition in US Bankruptcy Court for the District of Massachusetts after years of struggling financially and trying to keep pace in the fast-moving next-generation sequencing space.

Under Chapter 11 bankruptcy, Helicos will be afforded the opportunity to reorganize its operations, and the company said that it continues to operate as a debtor in possession.

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