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BioTrove Files for IPO

NEW YORK (GenomeWeb News) – BioTrove has filed with the US Securities and Exchange Commission to offer an undetermined number of its shares in an initial public offering.
 
The preliminary prospectus for the IPO did not provide an estimated range for the offering price. BioTrove expects to float on the Nasdaq and trade under the symbol “BTRV.”
 
Woburn, Mass.-based BioTrove said that it would use proceeds of the offering to fund continuing development of its OpenArray and RapidFire product lines, to build its infrastructure, and for general corporate purposes and working capital needs.
 
The OpenArray system is a flexible array format that enables researchers to perform thousands of simultaneous PCR-based genomic analyses on single or multiple samples. It can simultaneously conduct up to 3,072 PCR analyses on up to 144 different samples, BioTrove said in the filing.
 
The firm began selling OpenArray products in 2005 and has a customer base of 38 biopharmaceutical and agricultural companies, academic researchers, hospitals, and government labs. One of BioTrove’s key collaborators is Applied Biosystems, which inked a deal with the firm in November to integrate and market genotyping and gene expression tools.
 
BioTrove also said that some its partners are using the OpenArray system for molecular diagnostic applications, such as blood typing and pathogen detection.
 
The firm’s RapidFire system is a high-speed, automated, sample preparation system for mass spectrometry applications. It began offering the system as an assay development and screening service in 2004.
 
According to the filing, BioTrove brought in revenues of $4.8 million in 2007, up 78 percent from revenues of $2.7 million in 2006. Its net loss rose 56 percent to $19.5 million, or $8.64 per share, from $12.5 million, or $5.82 per share, in 2006.
 
The firm finished the year with $18.7 million in cash and cash equivalents.
 
Since its inception, BioTrove has accumulated a deficit of $55.9 million.
 
BioTrove did not say when it expects to commence the IPO. Piper Jaffray and Lazard Capital Markets are serving as joint book-running managers, and Robert W. Baird is acting as co-manager of the offering.

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