Washington, DC 6/28/18—Bionano Genomics, which makes the Saphyr system, chips, kits and software to measure genomic structure and structural variation, has filed with the SEC for an IPO. The company listed 2017 revenues of $1.8 million, up 2.8% (see Bottom Line), with over 90 systems installed at 80 customer sites. The Saphyr system compliments NGS by providing analysis of larger structural variation (an average of 250,000 base pairs long). Current applications are cytogenetics, including LDTs, and rare disease and cancer research. The company’s posted accumulated deficit stood at $58.1 million as of March 31, with cash and cash equivalents of $7.6 million.

The company expects the cost per sample for its testing process to be $500 this year and decrease to less than $100 per sample in 2020. A system upgrade is planned for next year to increase capacity from 1 chip per run to 2. It is expected the system will be able to process as many as 6 human samples daily next year and increase to 12 per day by the end of 2020. The company’s major stockholder is the LC Fund. The number of shares to be offered and pricing has not yet been decided.