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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

GenMark Diagnostics/Osmetech plans U.S. IPO: Molecular diagnostics firm Osmetech proposes to officially relocate from the U.K. to the U.S. and raise additional capital through the planned U.S. initial public stock offering of a newly created parent holding company named GenMark Diagnostics, announced March 19. While Osmetech first went public in 1994 and currently trades on the London Stock Exchange, current Osmetech shareholders will trade their shares for those of GenMark Diagnostics under the planned reorganization and stock offering, the company explains. "The proposal will align the place of listing with the business activities of the Osmetech Group, which are almost entirely based in the U.S. and where the board expects the majority of ... future growth to take place," the firm states. GenMark, which filed its preliminary IPO prospectus with the Securities and Exchange Commission on March 19, aims to raise up to $46 million. Proceeds are tabbed for R&D, marketing activities and working capital. Headquartered in Pasadena, Calif., the firm aims to expand its testing menu for its 510(k)-cleared XT-8 automated bench-top molecular diagnostics system; warfarin sensitivity and cystic fibrosis genotyping tests are already FDA cleared for use on XT-8. Also under development is the next-generation AD-8 system to integrate DNA amplification with the firm's eSensor technology. The firm reported 2009 sales of $998,000, up 54%. Competitors include Cepheid, Gen-Probe, Hologic, Luminex, Nanosphere, Qiagen and Roche Diagnostics. Underwriters for the IPO include Piper Jaffray and Leerink Swann
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