In a letter to federal regulators yesterday, Carlsbad, CA-based AutoGenomics withdrew its filing for an initial public offering, which the company submitted in July, 2008. The company said at that time that its IPO would be made only by means of a prospectus, with J.P. Morgan Securities Inc. acting as the sole book-running manager of the offering. CEO Fareed Kureshy gave no reason for withdrawing, but said it “may undertake a subsequent private offering.” AutoGenomics, which makes molecular diagnostic machines, has not made a profit since it was founded in 1999. VentureWire, which reported the withdrawal, said the company had an accumulated deficit of nearly $68 million at the end of March 2010.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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