NEW YORK (GenomeWeb News) – Fluorotechnics, which announced earlier this week that it had acquired The Gel Company (GelCo), has filed with the Australian Stock Exchange to raise up to $12 million through an initial public offering of common stock.
The Sydney, Australia-based firm makes instruments, gels, and other consumables for DNA and protein research, including proteomics, cell analysis, and diagnostics. It was spun out of Macquarie University in 2002.
Fluorotechnics’ share offering commenced yesterday at AUS$1 (US$.80) per share and is due to close on Oct. 10, the firm said. Once the IPO is completed, the company will have between 26 million and 28 million shares trading on the ASX, with a market cap of AUS$26 million to AUS$28 million.
Duncan Veal, CEO of Fluorotechnics, said in a statement that the IPO will “allow Fluorotechnics to ramp up its production capability to meet the significant unmet demand for its proteomics products.”
In a letter to prospective shareholders in a prospectus for the IPO, Fluorotechnics Non-executive Chairman Rick Taylor said, “The Board is confident the Company will achieve revenues of at least $7.5 million in the financial year ended 30 June 2009 due to significant unmet demand from identified customers for our non-fluorescent gel products.”
Although the firm did not previously disclose the acquisition price for GelCo, according to the prospectus, AUS$2.5 of the funds from the IPO would be applied to the acquisition.