NanoString Technologies Maneuvers In Line for $86M IPO
Summary
The Seattle-based company said today that it is seeking to raise as much as $86.3 million in an IPO, according to a prospectus filed with the Securities and Exchange Commission.The company saw its revenues grow 29 percent to $23 million last year on selling its system to researchers, like those at top centers such as the Broad Institute of MIT and Harvard.The company, led by former Genzyme executive Brad Gray, has spent the last several years seeking to diversify from a research toolmaker into a company that also markets its instrument to provide better diagnostic information for cancer physicians.In February, the company won European clearance to begin marketing its first commercial test—which predicts a woman’s risk of breast cancer recurrence by looking at a panel of 50 genes.NanoString’s expenses have risen as it has sought to seize its diagnostic opportunity, and it has built up a staff of 138 employees.
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