Skip to main content
Premium Trial:

Request an Annual Quote

Miniature Mass Spec Firm 908 Devices Prices $130M IPO

NEW YORK – Mass spectrometry firm 908 Devices on Thursday priced its initial public offering of 6,500,000 shares at $20 per share for anticipated gross proceeds of $130 million.

Shares of the Boston, Massachusetts-based company will begin trading Friday on the Nasdaq under ticker symbol MASS.

908 Devices is also granting the IPO underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock at the IPO price, less the underwriting discounts and commissions.

Cowen and SVB Leerink are lead book-running managers for the offering, while William Blair and Stifel are book-running managers.

908 was founded in 2012 to commercialize technology developed by Michael Ramsey, a professor of chemistry at the University of North Carolina and the company's scientific founder and a member of its board. Its core technologies include microfluidic capillary-electrophoresis systems for upfront separation of samples and high-pressure mass spec analyzers that are able to operate without the vacuum conditions used in conventional systems, allowing for much smaller and cheaper instruments.

While 908 initially focused on military, hazmat, and hydrocarbon processing applications, it has in recent years made inroads into life sciences markets placing instruments with a number of pharma firms and academic institutions.

In an amended preliminary prospectus 908 Devices submitted to the SEC this week, the company said that it plans to use proceeds from the offering to grow and support the installed base of its products among life science research customers in the US and internationally and to fund research and development of new platform technologies.

The company noted in the prospectus that it has sold more than 1,000 of its MX908 portable mass spec devices since launching sales in 2017. It has sold 31 of its Rebel device for bioprocess analysis since launching sales of that instrument last year and 150 units of its ZipChip separation platform.

The company generated revenues of $21.2 million and posted a net loss of $2.6 million in the first three months of 2020. It generated $18 million in revenues and posted a net loss of $13.4 million in full-year 2019. As of Sep. 30, 2020, it had an accumulated deficit of $68.2 million.

The Scan

Less Than Half

An effort to reproduce key findings from high-profile preclinical cancer studies finds less than half could be replicated, according to the Scientist.

Still Some SARS-CoV-2 Sequencing Holes

The Wall Street Journal reports that viral genomic surveillance has improved in the US, though says there are still gaps.

Avoiding Passing Them On

People with known disease-linked genetic variants are turning to in vitro fertilization so as to not pass those variants to their children, the Washington Post says.

PNAS Papers on Long Cell-Free DNA in Maternal Plasma, Genetic Propensity for Voting

In PNAS this week: long, cell-free DNA of maternal and fetal origins identified in maternal plasma, and more.