AutoGenomics Withdraws IPO
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.