Fluidigm Corp., which makes equipment to control fluids in small volumes for applications such as genetic analysis, plans on raising up to $86.3 million in its initial public offering of stock, according to a recent filing with the Securities and Exchange Commission.
The company did not provide details in Friday’s filing on the size, price or timing of the stock offering. It intends to trade its shares under the “FLDM” symbol on the Nasdaq Global Market.
Fluidigm, based in South San Francisco, Calif., makes microfluidic systems and is focusing on the life sciences and agricultural industries.
It said the technology has a key focus on genetic analysis and it is actively marketing three systems to leading pharmaceutical and biotechnology companies, academic institutions, diagnostic laboratories and agricultural biotech companies.
The company said it has sold systems to over 200 customers in over 20 countries worldwide. It had $25.4 million in revenue in 2009 and customers include Genentech Inc., which is now part of Swiss drug developer Roche, and Novartis AG.
Competitors include companies that focus on genetic analysis systems such as Affymetrix Inc. and Life Technologies Corp. Other potential competitors include Agilent Technologies Inc., Caliper Life Sciences Inc., Roche, Illumina Inc., and Sequenom Inc.
Fluidigm is led by Gajus V. Worthington, a co-founder and current president and CEO since the company was founded in June of 1999. Prior to Fluidigm, he worked in various staff and management positions at the semiconductor company Actel Corp.
Deutsche Bank Securities and Piper Jaffray are underwriters in the offering.
Date: December 7, 2010
Source: Associated Press