Diagnostics Instrument Maker AutoGenomics Files Again for IPO
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.”