AutoGenomics, a Vista, CA-based company that specializes in molecular diagnostics systems, has filed for a $65 million Initial Public Offering (IPO), according to a recent regulatory filing. The company, founded in 1999, plans to trade on Nasdaq under the ticker symbol AGMX.
The filing marks the second IPO attempt for the diagnostic instrument company. AutoGenomics previously filed for an $86.3 million IPO in mid-2008, but withdrew the offering in 2011.
AutoGenomics makes an automated molecular diagnostic instrument that can be used to identify specific genetic signatures in personalized medicine, women’s health, oncology, and infectious disease. The company says it offers 50 tests for use with its flagship “Infinity” gene analyzer, with 15 more under development. So far, the FDA has cleared the company’s Infinity analyzer and five genetic tests.
In its latest IPO filing, AutoGenomics reports $459,000 in net income on $8.7 million in revenue for the first six months of 2012. The company booked $13 million in sales for the 12 months ending June 30.
In its filing, the company said it plans to use the proceeds from its IPO to expand its sales force, enhance its international distributor network, increase marketing and promotional activity and business development efforts.
AutoGenomics raised $12 million in a Series C round in 2007, saying the “private placement offering, like its previous Series A and B rounds, was comprised primarily of non-institutional investors.”
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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