Skip to main content
Premium Trial:

Request an Annual Quote

Nanosphere Files for IPO; Hopes to Raise at Least $90M

NEW YORK (GenomeWeb News) - Molecular diagnostics developer Nanosphere yesterday filed a prospectus for its initial public offering with the US Securities and Exchange Commission.
 
The NorthBrook, Ill.-based company plans to trade on the Nasdaq Global Market under the symbol "NSPH."
 
Nanosphere has not set a price for its stock, nor did it state in the filing how much money it plans to raise through the initial sale of its shares. However, it is aiming to raise at least $90 million: The company said in the filing that it expects to use $50 million of net proceeds from the IPO to back ongoing R&D and $40 million to support addition sales and marketing personnel and initiatives.
 
Piper Jaffray, Leerink Swann, Credit Suisse, and Allen & Co. are listed in the filing as underwriters.
 
Nanosphere said it will offer an underwriter's over-allotment option, but did not say how many shares it expects to be available.
 
According to its prospectus, Nanosphere reported $1.1 million in revenues for the year ended Dec. 31, 2006, and $1.9 million in revenues for 2005.
 
Its net loss attributable to common stock was $43.9 million for 2006 and $18.7 million for 2005.
 
The company had $34.5 million in cash and cash equivalents as of March 31.
 
Nanosphere develops, makes, and sells the Verigene System, which it said "enables simple, low cost and highly sensitive genomic and protein testing on a single platform."
 
The company said in the filing that earlier this year it submitted the Verigene System and two assays to the US Food and Drug Administration for 510(k) clearance: one for genetic mutations associated with hyper-coagulation and another for warfarin metabolism. Neither the Verigene System nor the tests have been cleared yet.
 
The company said it is developing more assays, "including tests for cystic fibrosis and for a range of infectious diseases” including herpes simplex virus, human papillomavirus, and respiratory viruses.
 
Nanosphere also is developing diagnostic tests for cancer and for neurodegenerative, cardiovascular, and infectious diseases.
 
The company acquired its core IP from a licensing arrangement with Northwestern University that also carries the opportunity for access to ongoing research at the school.

The Scan

Enzyme Involved in Lipid Metabolism Linked to Mutational Signatures

In Nature Genetics, a Wellcome Sanger Institute-led team found that APOBEC1 may contribute to the development of the SBS2 and SBS13 mutational signatures in the small intestine.

Family Genetic Risk Score Linked to Diagnostic Trajectory in Psychiatric Disorders

Researchers in JAMA Psychiatry find ties between high or low family genetic risk scores and diagnostic stability or change in four major psychiatric disorders over time.

Study Questions Existence of Fetal Microbiome

A study appearing in Nature this week suggests that the reported fetal microbiome might be the result of sample contamination.

Fruit Fly Study Explores Gut Microbiome Effects on Circadian Rhythm

With gut microbiome and gene expression experiments, researchers in PNAS see signs that the microbiome contributes to circadian rhythm synchronicity and stability in fruit flies.