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Ciphergen Biosystems, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Proposed initial public offering of up to $86.3 mil. in common stock would fund expanded sales and marketing capabilities, R&D and corporate facilities, according to a preliminary prospectus filed with the Securities and Exchange Commission. The Palo Alto, California-based firm's ProteinChip protein analysis tool enables protein discovery, characterization and assay development for the protein-based biology research market. The current Series PBS II ProteinChip system debuted in May 1999. Ciphergen has 60 employees and in 1999 recorded sales of $5 mil., up 70.8%. A net loss of $7.7 mil. for the year compares to a loss of $8.3 mil. in 1998. The IPO is being underwritten by SG Cowen, ING Barings and Warburg Dillon Read

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