Digene
This article was originally published in The Gray Sheet
Executive Summary
Planned secondary offering of 2.5 mil. shares is withdrawn by the company March 19. Adverse market conditions are cited. The Gaithersburg, Maryland-based manufacturer of DNA tests for human papillomavirus notes that despite the move, "the company has a strong balance sheet and the financial resources to continue the execution of its growth strategy." Cash on hand stood at approximately $6.6 mil. as of Dec. 31. Second-quarter (ended Dec. 31) revenues were up 48% to $7.8 mil. A net loss of $1.6 mil. for the quarter was roughly even with that of the comparable quarter last year. Digene expects to file a PMA supplement by year-end for a primary screening indication of its HybridCapture 2 HPV test (1"The Gray Sheet" Feb. 26, 2001, p. 15)