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Fluidigm Expects IPO Range of $14 to $16 Per Share

NEW YORK (GenomeWeb News) – Fluidigm expects to offer 5.3 million shares of common stock at a price of between $14 and $16 in its initial public offering, according to an amended registration statement filed with the US Securities and Exchange Commission on Friday.
 
The South San Francisco, Calif.-based firm said it expects to raise net proceeds of roughly $70.8 million, assuming an offering price of $15 per share. If the underwriters’ over-allotment option is exercised in full, Fluidigm could receive net proceeds of $81.9 million.
 
Fluidigm said that plans to use around $26 million of the funds for sales and marketing initiatives, including expanding its sales force; $16 million for research and development activities; $2 million to expand its facilities and manufacturing operations; and the balance for working capital and general corporate purposes.
 
The company makes integrated fluidic circuit systems for performing life science experiments in parallel on a single chip. One of its fluidic systems, the BioMark, is used for gene expression analysis, genotyping, and digital PCR, while another, the Topaz system, is used for protein crystallization research.
 
Fludigim disclosed in its most recent filing that its first-half 2008 revenues rose 83 percent to $5.5 million from $3 million in the first half of 2007. Its net loss for the first six months of the year increased 18 percent to $15.3 million, or $5.39 per share, from $13 million, or $4.74 per share, in the comparable period of 2007.
 
Fluidigm’s R&D expenses increased slightly to $7.2 million from $7.1 million, while its SG&A spending jumped 58 percent to $9.8 million from $6.2 million.
 
The firm initially filed for the IPO in April. Morgan Stanley is the book-running manager for the offering, with UBS, Leerink Swann, and Pacific Growth Equities acting as co-managers.
 
As of June 28, Fluidigm held $32.5 million in cash, cash equivalents, and available-for-sale securities.
 

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