Pathogen-Testing Firm Roka Biosciences Files for IPO
Roka’s assay technology utilizes rRNA targeting, transcription-mediated amplification and a dual kinetic assay. The high-volume Atlas system is based on Gen-Probe’s Panther instrument and is sold on a reagent-rental basis. Marshfield Food Safety and MVTL Laboratories each accounted for more than 10% of sales last year. As an “emerging growth company,” Roka plans to take advantage of exemptions from certain reporting requirements.
Washington, DC 5/22/14—Roka Biosciences has filed to raise $75.0 million through a US IPO. Roka plans to list its shares on the NASDAQ stock exchange. Pricing details were not announced. Roka offers the Atlas instrument and Atlas Detection Assays for molecular-based automated foodborne-pathogen testing. Roka supplies tests for Salmonella, Listeria, E. coli O157:H7, Shiga toxin–producing E. coli and Listeria monocytogenes. As of March 31, Roka had an installed base of 32 instruments. In 2013, revenues totaled $2.2 million, including the sale of 205,000 Atlas Detection Assays, and operating loss was $29.6 million (see page 12). Founded as a spin-off of Gen-Probe, Roka holds a license to Gen-Probe’s molecular-assay technologies for industrial applications. The company had cash and cash equivalents of $32.7 million and an accumulated deficit of $109.1 million as of March 31.
