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Autogenomics' First-Half '08 Revenues Rise Sharply in Advance of IPO

NEW YORK (GenomeWeb News) – Molecular diagnostics firm AutoGenomics’ first-half 2008 revenues rose nearly eight-fold over the first half of 2007, according to a filing with the US Securities and Exchange Commission last week.
 
The firm said that its revenues for the first six months of 2008 were $2.1 million compared to $271,138 for the first six months of the prior year.
 
AutoGenomics sells the Infiniti molecular diagnostics system, which was cleared by the US Food and Drug Administration for marketing in February 2007. The firm currently offers 26 test applications on the system, including research-use-only tests for HPV, respiratory illness, breast and bladder cancer risk, and cystic fibrosis. It also has FDA clearance for a warfarin sensitivity test and for Factor II, Factor V, and Factor II-V panel tests.
 
The Carlsbad, Calif.-based firm filed an amended registration statement for its proposed initial public offering last week, which included updated financial information. AutoGenomics first filed for the IPO at the end of July.
 
The firm has yet to provide an estimated price range for the shares in the offering or a preliminary estimate of net proceeds. However, the filing lists the proposed maximum aggregate offering price at $86.3 million — a figure that did not change in the amended statement.
 
AutoGenomics also disclosed in its amended registration statement that its net loss rose 41 percent to $4.4 million, or $.70 per share, from $6.2 million, or $.84 per share, year over year.
 
Its research and development costs increased 31 percent to $1.7 million from $1.3 million, while its SG&A expenses jumped 57 percent to $3.6 million from $2.3 million.
 
AutoGenomics held cash and cash equivalents of $5.6 million as of June 30.

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