NimbleGen Files for IPO
Until last year, NimbleGen had functioned as a service provider based in Iceland to bypass patent infringement issues. In 2006, the company began to concentrate on direct sales and signed licensing agreements with Oxford Gene Technology (see IBO 1/31/07) and Affymetrix (see IBO 12/15/06). In 2006, direct microarray sales increased 34% in 2006 to make up 37% of revenues.
Madison, WI 3/16/07—Microarray provider NimbleGen Systems has filed a registration statement with the US Securities and Exchange Commission for an initial public offering of its common stock. The number of shares and price range have yet to be determined. NimbleGen Systems’ 2006 revenues increased 42.6% to $13.5 million and the company had an operating loss of $6.7 million, compared to $5.3 million in 2005. As of December 31, 2006, NimbleGen had an accumulated deficit of $44.5 million and a cash balance of $19.0 million.
