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Complete Genomics Reports Q3 Revenues of $4.2M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics today updated its third-quarter financial results, reporting revenues of $4.2 million for the three months ended Sept. 30.

For the 2009 third quarter, the Mountain View, Calif.- based sequencing service firm had recorded no revenues.

In an amended S-1 form filed with the US Securities and Exchange Commission, the company said it had a loss of $20.5 million, compared to a loss of $9.2 million a year ago. It added it had cash and cash equivalents of $10.5 million as of Sept. 30, and a backlog that is expected to result in $9 million in revenues over the next 12 months.

The company said that it had 167 employees at the end of the third quarter and plans to expand its production, sales and marketing, and R&D programs and to hire additional staff to support its expansion.

The firm, which filed a preliminary prospectus for its initial public offering during the summer, is expected to complete its IPO this week, according to various news reports.

Last month, Complete Genomics raised the proceeds target for its IPO to $96.6 million by offering 6 million shares at a price of between $12 and $14 per share. The company expects to raise net proceeds of $69.3 million, or $80.2 million if the offering's underwriters exercise their over-allotment option in full.

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