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Osmetech Expects US IPO Price of $8 to $10 per Share

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Osmetech has filed with the US Securities and Exchange Commission an amended prospectus for its proposed initial public offering in the US with an expected price range of $8 to $10 per share.

The British molecular diagnostics firm announced in March its plans to float in the US, cease trading on the AIM in London, and change its name to GenMark Diagnostics. It also said that it would move its headquarters to Pasadena, Calif.

According to the amended registration statement, Osmetech expects to 4.5 million shares of common stock in the offering. Current shareholders of Osmetech would receive one share of GenMark for every 230 shares of Osmetech held.

Osmetech said that a UK court hearing to sanction its plans has been scheduled for May 26, which would result in the plan proceeding on June 1 and the cancellation of trading on the AIM on June 2.

Osmetech expects to receive net proceeds of around $35 million from the US IPO. It intends to use those funds to develop a broad menu of tests for its XT-8 automated molecular diagnostics system, for continued development of that system, and for sales and marketing efforts.

For the three-month period ended March 31, Osmetech had total revenues of $399,264, compared to $188,300 for the first quarter of 2009. Its net loss for the quarter was $4.8 million, or $.68 per share, compared to a loss of $4.4 million, or $1.14 per share. As of March 31, it had $11.3 million in cash and cash equivalents.

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