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The company has filed a registration statement with the SEC for a proposed initial public offering worth up to $86.3 million, reviving plans for an IPO the company scrapped in September 2008 due to rapidly deteriorating economic conditions.

The loss, a five-fold increase from the year-ago figure, is primarily due to expenses related to its IPO.

The filing revives the company's plans for an IPO after withdrawing an initial registration in 2008.

The firm aims to go public at a price of between $13 and $15 per share. It plans to use proceeds to fund the commercial launch of the BGM Galectin-3 test, as well as development of other tests.

The IPO share price was well below the company's most recent target of $12 to $14 per share

The $9 share price falls short of the $12 to $14 price range the company had earlier projected.

The Texas multiplex molecular diagnostics firm cited market conditions for its decision.

The firm, which has been unable to complete a US IPO, has cut staff, consultants, and its board of directors as it seeks funding and potential strategic alternatives.

The firm sold 12.5 million shares at $16 per share, the mid-point of its estimated offering range.

In an amended S-1 form filed today, the company said it plans to offer 6 million shares of its stock at between $12 and $14 per share. It also reported preliminary earnings results for the quarter ended Sept. 30.


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