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Chip Maker, Aclara to Make $97 Million Offering

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OUNTAIN VIEW, Calif.--Aclara Biosciences, which makes chips for genetic analysis, drug screening, and other uses, filed to raise more than $97 million in an initial public offering, said a Reuters report. Details such as the number of shares and the expected price range of them were not included in the filing to the Securities and Exchange Commission.

Net proceeds from the offering will be applied to R&D, possible acquisitions, and investments in its technology as well as for working capital and other general corporate purposes, reported Reuters. The company makes its "lab-on-a-chip" products to enable researchers to rapidly perform large numbers of chemical and biological measurements in a miniaturized, automated format.

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