NEW YORK (GenomeWeb News) – NimbleGen, which late last week said it has filed for an initial public offering with the Securities and Exchange Commission, said revenues increased 200 percent and that it has accumulated $20 million in net losses over the past three years.
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In the SEC document, the company said revenues increased from $4.5 million in 2004 to $13.5 million in 2006 on increasing sales. The firm also said grant revenue declined during that period.
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NimbleGen said it recorded $7 million in net losses in 2006, $5 million in 2005, and $8 million in 2004.
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The company said R&D spending is focused on new microarrray applications, new software applications, reagents and kits for use with microarrays, and developing Maskless Array Synthesizer, or MAS, systems.
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NimbleGen said it plans to use the proceeds from the IPO to expand the commercial and marketing infrastructure for its microarray products and services; increase R&D spending on next-generation manufacturing equipment; increase production capacity, and pay for general expenses.