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Complete Genomics (GNOM) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Complete Genomics (NASDAQ:GNOM) makes and sells a DNA sequencing platform. The company hopes to sell its product to both academic and bio-pharmaceutical researchers. The company houses its technology in centralized facilities which allows them to easily implement new improvements to the system that benefits all customers. Complete Genomic hopes to be the first company to provide completely sequence and analyze human genomes for a total cost of under $1,000 per genome.[1]
The scientific community relies heavily on sequencing DNA and comparing DNA within and among species. This process helps scientists to understand the function and roles of different genes in organic processes. By allowing scientists both in academia and at pharmaceutical companies to conduct research on human DNA far cheaper, Complete Genomics hopes to quicken the rate of advancement. The current revenue for DNA sequencing is approximately $5.8B and is projected to grow to be a $9B market by 2014.[2]
The company's initial public offering of stock on the NASDAQ occurred on November 10, 2010. The company offered 6Mshares each for $9. This was well below the the initial price range of $12-$14. The IPO raised a total of $54M. The lead underwriters of the deal were UBS AG (UBS) and Jefferies Group (JEF).[3]
At the time of its IPO, Complete Genomics was in the process of switching from a pre-revenue company to a revenue generating company. It began to sell its products in 2009 and generated $623K in total revenue that year. As of the first 6 months in 2010, the company had generated $1.4M in revenues. Due to this, the company has consistently reported a net loss; in 2009, it reported a loss of $36M.[4] This net loss has caused Complete Genomics to accumulated $108.1M in debt throughout its research and development process.[5]
References
- ↑ GNOM 2010 S-1/A Prospectus Summary "Our Company" pg 1
- ↑ GNOM 2010 S-1/A Prospectus Summary "Our Industry" pg 2
- ↑ Renaissance Capital - IPO Home "Complete Genomics prices IPO at $9, below the range" 11 Nov 2010
- ↑ GNOM 2010 S-1/A Prospectus Summary "Summary Financial Data" pg 10
- ↑ GNOM 2010 S-1/A Prospectus Summary "Risk Factors" pg 14
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