NEW YORK (GenomeWeb News) – Pacific Biosciences will make 12.5 million shares available at a price between $15 and $17 per share for its initial public offering, the company said in an amended preliminary prospectus filed with the US Securities Exchanged Commission today.
Today's amended S-1 document follows a similar filing last week with the SEC in which the company disclosed it had done a 1-for-2 reverse stock split in September and increased the amount it expects to raise from its IPO to $230 million from the $200 million originally targeted when the company announced its proposed IPO in August.
The Menlo Park, Calif.-based single-molecule sequencing firm also said in today's filing that it is making about 1.9 million shares available to its underwriters to purchase to cover over-allotments
At the midpoint of its share price range, $16, PacBio's net proceeds from the offering would be about $182.5 million or $210.4 million if the underwriters fully exercise their option to purchase additional shares, the company said.
The underwriters on the offering are JP Morgan, Morgan Stanley, Deutsche Bank Securities, and Piper Jaffray.
PacBio previously had stated that through the first half of 2010, it had recorded almost $1.2 million in revenues, all from government grants, and a net loss of $63 million, or $99.58 per share. In H1 2009, it had no revenues, and a net loss of $35.1 million, $75.39 per share.
The company had cash and cash equivalents of $90.1 million as of June 30, it said.