RainDance Files for IPO
Benefits of the technology include single-molecule detection, multiplexing, compatibility with multiple chemistries, and required starting materials in the amount of 10–250 ng for the ThunderStorm and ThunderBolts systems. RainDance’s strategy includes growth in the liquid-biopsy market for translational research and the introduction of assays for cancer and infectious diseases. The company listed its target markets for its NGS content-enrichment products as basic, inherited-disease and pathology research. It plans to list the ThunderStorm with the FDA as a Class I, 510(k)-exempted medical device by year end. In 2013, RainDance signed a five-year supply agreement with Myriad Genomics, which also made an equity investment in the firm (see IBO 7/31/13).
Washington, DC 2/27/15; Billerica, MA 3/2/15—RainDance Technologies has filed with the SEC for a proposed IPO of its common stock on the NASDAQ Stock Market under the symbol “RAIN.” The company develops, manufactures and sells systems based on its digital droplet technology as well as consumables and assays for the detection and analysis of complex genetic diseases. Its products include the ThunderStorm and lower-cost ThunderBolts systems for next-generation sequencing (NGS) content enrichment and the RainDrop digital-PCR system. In 2014, revenues grew 77.9% to $30.6 million (see page 12), with consumables making up 53% of sales. Sales to Myriad Genetics accounted for 51% of revenues. The company has an installed base of more than 145 systems, including 57 ThunderStorm systems and 90 RainDrop systems. RainDance had an accumulated deficit of $133 million as of December 31, 2014, and cash and cash equivalents of $33.6 million. The number of shares and price range have not yet been determined. The largest shareholder, with 34% of shares, is Mohr Davidow Ventures–affiliated companies.
