Pacific Biosciences to Raise $200 Million in IPO
Pacific Biosciences filed documents with the US SEC earlier this month stating plans to raise $200 million in an initial public offering of its common stock. The company plans to list its common stock on the Nasdaq exchange under the symbol “PACB.”
Gene sequencing is touted as the next biggest thing not only in life science research, but in next generation sequence-based molecular diagnostics as well. Companies such as Pacific Biosciences, Illumina and others have garnered an ardent following as market research estimates call for the DNA sequencing market to grow to $3.6 billion in 2014 from $1.2 billion in 2009. In addition, the market for sequence-based molecular diagnostics is projected to reach $1.6 billion in 2014. Pacific Bioscienes expects its Single Molecule Real Time sequencing technology (SMRT) technology “to address a broad range of expanded markets, including drug development, diagnostics, food, forensics, bio security and bio-fuels”, according to the S-1 filing.
PacBio raised $109 million in series F financing in July. Gen-Probe has invested $50 million in PacBio and the companies are working together to develop integrated clinical diagnostics systems that use the firm’s single-molecule real-time sequencing platform.
The PacBio RS system has a list price of $695,000. The company has already shipped 5 systems and plans to ship the remaining 6 by the end of the year.
For more information on the sequencing market, segments and companies mentioned above, please contact your GLG representative and schedule an individual consult today.
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