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.
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.
NimbleGen said it recorded $7 million in net losses in 2006, $5 million in 2005, and $8 million in 2004.
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.
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.