Skip to main content

Third Wave Prepares to Test IPO Waters

NEW YORK, Jan 19 – Third Wave Technologies is planning to test the IPO waters with a roadshow that is scheduled to begin next week, a company spokeswoman said Friday.

The company is hoping to sell 8.5 million shares at $11 - $13 a share in an offering that could raise as much as $110 million for the Madison, Wis.-based maker of SNP analysis technologies.

Lehman Brothers is the lead underwriter. CIBC World Markets, Dain Rauscher Wessels, Robert W. Baird, and Fidelity Capital Markets are also underwriting the offering.

Third Wave first filed for the IPO in August, but poor market conditions have prevented the company from going public earlier.

On Friday bioinformatics company NetGenics said it was slashing its workforce by 30 percent as a result of its inability to go public due to the downturn in the markets. DoubleTwist has also delayed its IPO.

A source close to Third Wave said he was not sure whether the company would be able to fill the orders necessary to launch the offering.

“We will have to see” if they can do it, he said.

According to a recent Dow Jones report, Third Wave posted revenues of $4.9 million in the first nine months of 2000, the latest figures available, compared with $2.1 million in the corresponding period in 1999. Net losses jumped to $31.0 million in the first nine months of last year, compared with $5.6 million in the same period in 1999.

Third Wave has raised $86 million in private financing since its inception.

The Scan

Possibly as Transmissible

Officials in the UK say the B.1.617.2 variant of SARS-CoV-2 may be as transmitted as easily as the B.1.1.7 variant that was identified in the UK, New Scientist reports.

Gene Therapy for SCID 'Encouraging'

The Associated Press reports that a gene therapy appears to be effective in treating severe combined immunodeficiency syndrome.

To Watch the Variants

Scientists told US lawmakers that SARS-CoV-2 variants need to be better monitored, the New York Times reports.

Nature Papers Present Nautilus Genome, Tool to Analyze Single-Cell Data, More

In Nature this week: nautilus genome gives peek into its evolution, computational tool to analyze single-cell ATAC-seq data, and more.