NEW YORK (GenomeWeb News) – Pacific Biosciences today amended its preliminary prospectus, increasing the amount it hopes to raise from its initial public offering to up to $230 million.
The company had said that the offering could raise as much as $200 million in its original Form S-1 filed in August.
The firm still has not priced its shares for the proposed IPO.
The Menlo Park, Calif.- based sequencing technology firm also disclosed in its amended S-1 filed with the US Securities and Exchange Commission that it underwent a 1-for-2 reverse stock split of its outstanding common stock in September. As a result, the number of shares outstanding as of June 30 was 37.6 million, down from 75.2 million shares the company reported in its original S-1. PacBio also said that its total capitalization was halved to $134.6 million from $273.4 million.
In an earlier amended filing last month, PacBio said that since its inception through June 30, 2010, it has incurred a net loss of $246 million.
In late August, Helicos Biosciences sued PacBio alleging infringement of four patents. In its filing today, PacBio reiterated that it intends to fight the allegations "and argue that we do not infringe the claims of the asserted patents and that the claims of the asserted patents are invalid and unenforceable."
PacBio did not provide an update on use of its proceeds. In its original filing, based on its $200 million target offering, the company said it planned to net about $180 million in proceeds, of which $60 million to $70 million would be invested in current and future applications of the firm's SMRT technologies. Another $40 million to $60 million would fund anticipated working capital needs, $20 million to $30 million would fund planned capital expenditures, and $40 million to $60 million would cover general corporate purposes.