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Singulex Sets IPO Pricing Between $15 And $17

 October 24, 2012 11:28 AM


(By Balachander) Singulex, a developer of tests to diagnose chronic diseases, has set the terms for its initial public offering (IPO).

The Alameda, California-based company has launched an IPO of roughly 4.37 million shares, with an estimated pricing between $15.00 and $17.00 each.

At the midpoint of the proposed range, Singulex will have an initial market capitalization of roughly $246 million.

The company expects net proceeds from the offering to be roughly $62.3 million.

The company's advanced cardiovascular disease (CVD) monitoring services include enhanced cardiovascular profiling featuring ultrasensitive Sgx HD immunoassays, a personalized wellness program, and online interactive management tools. The company launched its Advanced CVD Monitoring services in July 2010.

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Singulex is developing a second generation digital immunoassay monitoring platform, which is currently in the design and development stage, with expected prototype development commencing in the first half of 2013.

The company said it expect this system to be a higher-throughput, fully-automated platform focused on high precision immunoassays for advanced management of CVD and other chronic diseases.

The company, which was formed in 1997, posted a net loss of $10.3 million on revenue of $20.5 million for the six months ended June 30, 2012.

For the year ended December 31, 2011, the company lost $12.5 million on revenue of  $24.8 million.

Investors in the company include: Fisk Ventures, OrbiMed Advisors, JAFCO and Prolog Ventures.

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Singulex proposes to list on the New York Stock Exchange under the symbol "SGLX."

UBS Investment Bank and Piper Jaffray are the joint bookrunners on the offering.

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