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MDx Firm AutoGenomics Withdraws IPO

NEW YORK (GenomeWeb News) – Molecular diagnostics firm AutoGenomics filed with the US Securities and Exchange Commission to officially withdraw a planned initial public offering.

In a document filed on Friday, the Vista, Calif.-based firm did not cite a reason, saying only that it "has elected not to pursue the sale of securities" pursuant to its registration statement filed in September 2012. The company had intended to raise as much as $65 million in its IPO.

It added that it may pursue a private offering.

An AutoGenomics official told GenomeWeb Daily News in February that the company would be withdrawing its IPO after it failed to meet a deadline for submitting financial information to SEC, but the firm took no action until last week. The withdrawal is the second by AutoGenomics, which originally filed to go public in 2008 with an intention to raise as much as $86.3 million but withdrew that planned IPO in 2011.

AutoGenomics develops and markets the Infiniti molecular diagnostic system, which was cleared by the FDA in 2007, as well as a menu of genetic tests targeting personalized medicine, women's health, oncology, and infectious disease.

Its withdrawal comes amid one of the most bountiful IPO markets in years for omics-related firms. Among companies in the space that have recently completed their IPOs successfully are Foundation Medicine, NanoString Technologies, and Veracyte.

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