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This article was originally published in The Gray Sheet

Executive Summary

Biotech firm says its initial public offering of 4 mil. shares at $9 each has been postponed due to market conditions after the planned offering price was recently lowered from $12-14 per share. The IPO is now anticipated to take place later this year. The Issaquah, Washington-based biopharmaceutical firm markets through its Bartels subsidiary a line of in vitro diagnostic products for confirmation of viral and bacterial diseases and is developing additional diagnostics for detecting and monitoring various cancers, AIDS and heart disease. The company also is focusing on development and commercialization of cancer vaccines and immunotherapeutic products for cancer and infectious diseases. Proceeds from the offering will go primarily toward drug development, debt repayment, R&D, working capital and general corporate purposes. Underwriters for the offering are Donaldson Lufkin & Jenrette and Piper Jaffray

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