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BG Medicine Files for US IPO

NEW YORK (GenomeWeb News) – BG Medicine has filed a preliminary prospectus with the US Securities and Exchange Commission for a proposed initial public offering.

Though the biomarker-development firm did not disclose a price range for shares in the offering, or the anticipated number of shares it will offer, it said that the proposed maximum funds it would seek to raise is a little more than $86 million. BG has proposed that its stock trade on the Nasdaq Global Market under ticker symbol "BGMD."

This is the second time that the Waltham, Mass., company has filed to go public. In the summer of 2007, it filed to float on the Euronext Amsterdam Exchange, but it withdrew the offering a few months later due to unnamed "current market conditions."

BGM is developing biomarker-based diagnostic tests. The firm plans to use proceeds for four main purposes: to fund the commercial launch of its lead product, a test for the detection of a protein implicated in heart failure; fund development and commercialization of its other cardiovascular diagnostics; fund biomarker discovery and possible development of tests based on those biomarkers; and fund general business purposes.

Its lead product is the BGM Galectin-3 test, which measures galectin-3 levels in blood. In October, the company obtained a CE mark for the test and has begun selling it in parts of Europe. In March 2009, the company filed a 510(k) premarket notification with the US Food and Drug Administration to market and sell the test in the US. However, the FDA requested additional clinical and other data in support of its filing, BGM said.

In December, it resubmitted its application. If approved by the FDA, the test could start selling in the US starting in the second half of 2010, BGM said.

Other tests under development at the company include a galectin-3 test as a predictor of heart failure in patients who have had a heart attack or who have an unstable angina; its AMIPredict multianalyte panel for the identification of patients at high risk for heart attack or stroke; and LipidDx, a protein assay for common lipid disorders.

In March 2009, BGM signed a cooperative research and development agreement with the Framingham Heart Study aimed at discovering biomarkers associated with heart disease. The collaboration is using BG's biomarker discovery platform, which automates measurement, analysis, characterization, and interpretation of proteins and small non-protein biological molecules collected from bodily fluids.

BGM said in the prospectus that it had revenues of $8.5 million for full-year 2009, down from $14.6 million in 2008, and had a net loss of $16.1 million versus $15.1 million for 2008.

As of Dec. 31, 2009, it had $10.4 million in cash, cash equivalents, and marketable securities.

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