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DoubleTwist Proposes Offering Price

NEW YORK, Oct 16 - DoubleTwist, next in the bioinformatics IPO queue, is seeking to raise at least $65 million through an offer of 5 million shares in a proposed price range of $13 to $15 a share, according to an S-1 amendment the company filed Friday.

The company, which originally announced its plan to go public on Sept. 1, has applied to be listed on the Nasdaq under the symbol DBLT. A DoubleTwist spokeswoman said that the date the company's stock would begin trading has not yet been determined.

The underwriters, led by Lehman Brothers, have the option to purchase an additional 750,000 shares to cover overallotments.

In its recent filing the company said it plans to use the proceeds from the offering for product development, sales and maketing, general corporate purposes, and possible acquisitions.

The company’s product line includes DoubleTwist.com, an online research portal; Prophecy, a proprietary annotated human genome database; GeneForest, an annotated human gene index; and its Gene Clustering and Alignment Tools software.

The Oakland, Calif.-based company sells subscriptions to its products through its website.

 

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