Silicon Valley / San Jose Business Journal by Cromwell Schubarth, Senior Technology Reporter
Halcyon Molecular Inc., a genetics startup backed by PayPal co-founders Peter Thiel and Elon Musk, has reportedly run out of money.
GigaOm reported on Monday that the Redwood City company started by brothers William and Michael Andregg four years ago has quietly shut down.
Halcyon was trying to develop low-cost DNA sequencing technologies but was beaten on that front earlier this year by British Oxford Nanosphere, leaving it trying to find a pivot strategy.
The company raised more than $20 million in its quest and that is reportedly now gone.