Fluorescent Molecule Company Plans IPO and Makes Acquisition
Fluorotechnics currently sells fluorescent labels and stains, and recorded 2007 sales of AUD $225,000 ($187,000), but expects 2008 sales of AUD $7.5 million ($6.2 million). The Gel Company offers adaptors for the use of Fluorotechnics’ electrophoresis gels, which have not yet been officially launched, on standard hardware. Last year, Fluorotechnics acquired ETC, which makes the plastic backing for the gels (see IBO 11/30/07).
Sydney, Australia 9/4/08 and 9/9/08—Fluorotechnics, a provider of fluorescence labels and stains for life science research, has acquired the Gel Company. Based in San Francisco, California, the Gel Company offers more than 250 products for proteomics, cell culture, DNA sequencing, liquid handling, microarrays and PCR, including instrument accessories. “With Gel Co’s San Francisco distribution office, Fluorotechnics gets a very useful launch pad for the US market,” stated Fluorotechnics CEO Duncan Veal. Fluorotechnics has also filed for an IPO on the Australian Securities Exchange in order to raise as much as AUD $12 million ($10 million). The company will offer AUD $1 per share ($0.83) from September 10 through October 10. The flotation is expected to result in a market capitalization of AUD $26–AUD $28 million ($22–$23 million).
