Nanostring Files for IPO
NanoString offers both research and diagnostics products. It gained a CE mark for its Prosigna Breast Cancer Assay for risk of breast cancer recurrence last year and submitted a FDA 510(k) application for it in December 2012. Initially launched in 2008 (see IBO 2/15/11), the nCounter is priced at $235,000. In 2012, Instruments and Consumables accounted for 55% and 43% of total sales, respectively.
Seattle, WA 5/30/13; Washington, DC 5/20/13—NanoString Technologies has filed a registration statement with the SEC for a proposed IPO of its common stock. The company’s nCounter Analysis System digitally quantifies the activity of up to 800 genes simultaneously in one experiment using a novel barcoding chemistry. Research applications include gene expression, single-cell gene expression, miRNA expression and copy number variation. NanoString’s 2012 revenues grew 29.2% to $23.0 million. The company had a net loss of $25.2 million and an accumulated deficit of $102.8 million (see page 12). The company has an installed base of more than 130 systems. The number of shares to be sold and price range have not yet been determined. As of March 31, NanoString had cash and cash equivalents of $11.8 million and available borrowing under a credit facility of $12.0 million.
