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AutoGenomics Lowers Proceeds Expected from IPO

NEW YORK (GenomeWeb News) – Molecular diagnostics firm AutoGenomics lowered the net proceeds it expects from a planned initial public offering to $53.7 million, it said in an amended Form S-1 filed with the US Securities and Exchange Commission on Wednesday.

In the filing, the company said that it plans to offer 6 million shares of its common stock at a price of between $9 and $11 per share. It plans to list its shares on the Nasdaq under ticker symbol "AGMX".

The $53.7 million figure is down from what the company said it expected from a filing in September. At the time AutoGenomics said the offering could bring in as much as $65 million.

The new amount assumes a public offering price of $10 per share. If the underwriters of the offering — Leerink Swann, Mizuho Securities, Stephens, and Cantor Fitzgerald — exercise their overallotment option in full, net proceeds would reach $62.0 million.

AutoGenomics originally filed for an IPO in 2008, but withdrew it in 2011.

The Vista, Calif.-based firm said it plans to use proceeds to repay the principal and interest under its outstanding promissory notes, as well as to expand its sales team, increase its international distributor network, and increase marketing and business development efforts.

Proceeds will also be used to support AutoGenomics' premarket approval submission to the US Food and Drug Administration for its HPV-HR test, as well as 510(k) and CE mark studies and submissions for tests associated with women's health and personalized medicine.

The company also said it plans to use proceeds to expand the company's test menu, to build out its manufacturing capacity, and to repay certain debt and loans.

In November, the company reported $14.5 million in revenues through the first nine months of 2012 with a profit of $1.2 million, or $.15 per basic share or $.04 per diluted share. In its Form S-1/A filed Wednesday, AutoGenomics revised its EPS figures to $.45 per basic share and $.13 per diluted share as it changed the number of shares it used to determine EPS.

AutoGenomics didn't provide financials for the fourth quarter or full-year 2012 in the filing.