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Fluidigm Looks to Raise up to $86.25M in IPO

NEW YORK (GenomeWeb News) – Fluidigm this week filed with the US Securities and Exchange Commission for an initial public offering of common stock.
 
The South San Francisco, Calif.-based firm did not disclose how many shares it intends to offer, and the preliminary prospectus did not provide an estimated range for the offering’s share price. However, it noted that the proposed maximum amount it intends to raise is $86.25 million.
 
Fluidigm 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.
 
For the year ended Dec. 29, 2007, Fluidigm had revenues of $7.3 million and a net loss of $25.5 million, or $2.63 per share. As of that date, it had $40.4 million in cash, cash equivalents, and available-for-sale securities, according to the filing. Its total accumulated deficit from inception through the end of 2007 was $133.8 million.
 
Among the risk factors cited by Fluidigm in its prospectus is that the sales cycle for its products is “lengthy and predictable, which makes it difficult for us to forecast revenue and could cause significant quarterly fluctuations in revenue and other operating results.” The firm also noted that it receives a substantial portion of its revenues from a limited number of customers.
 
The firm intends to float on the Nasdaq market under the symbol “FLDM,” and anticipates having roughly 66.6 million shares outstanding following the IPO.
 
Morgan Stanley is the book-running manager for the offering, with UBS and Leerink Swann acting as co-managers.

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