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BioTrove Withdraws IPO Registration

NEW YORK (GenomeWeb News) – BioTrove has asked the US Securities and Exchange Commission to consent to the firm’s withdrawal of its registration statement for an initial public offering of common stock.
 
The Woburn, Mass.-based genomics research instrument developer said in its letter to the SEC yesterday that it is withdrawing the offering due to “unfavorable market conditions that would adversely affect the offering of the shares of common stock.”
 
BioTrove filed for the IPO around nine months ago and had intended to float on the Nasdaq and trade under the symbol “BTRV.” The firm had hoped to raise around $75 million from the offering.
 
In a subsequent amended registration statement in August, the firm revealed that its cash and cash equivalents as of June 30 were $11.2 million.
 
BioTrove noted in its letter to the SEC this week that it “may undertake a subsequent private offering.”
 
The firm sells two primary products: the OpenArray system, which is a flexible array format that enables researchers to perform thousands of simultaneous PCR-based genomic analyses on single or multiple samples, and the RapidFire system, which is a high-speed, automated, sample preparation system for mass spectrometry applications.