AutoGenomics aborts second try at IPO

AutoGenomics has given up on its second IPO less than 5 years after not having all of its paperwork together in time for a crucial regulatory filing deadline. But the California-based molecular diagnostics developer wants to make a third attempt in the second quarter of 2013.

Ramanath Vairavan, the company's senior vice president of sales and marketing, told GenomeWeb that the company pulled its $65 million IPO filing after blowing a Feb. 15 deadline to give the U.S. Securities and Exchange Commission its 2012 fourth quarter financials, a move that would have kept the filing active.

Executives made a first attempt at an IPO back in 2008, filing to raise $86.3 million. But AutoGenomics pulled back three years later without explanation, the story notes.

AutoGenomics' main offering includes its FDA-cleared Infiniti gene analyzer, which already has 50 tests in areas including oncology and infectious diseases. A number of other diagnostic tests are in the pipeline there, targeting HPV, BRAF gene-related cancer mutations, HPV and other diseases. The company booked about $18 million in revenue during 2012, up substantially from $8 million in 2011, according to GenomeWeb.

Leerink Swann, Mizuho Securities, Cantor Fitzgerald and Stephens had signed on for the company's latest IPO, but Vairavan is quoted in GenomeWeb as saying that they may not necessarily remain for the third IPO attempt.

- here's the GenomeWeb story (reg. req.)