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Berkeley to list on Nadaq
Posted on Monday, 29 June 2020 10:47
Berkeley Lights has revealed an initial public offering (IPO) on Nasdaq the same week as announcing a new reagent kit that activates and expand antigen-specific T cells in peripheral blood to create artificial T cells.
The Californian digital cell biology company has hired JPMorgan, Morgan Stanley, Cowen and William Blair as underwriters for the listing with a USD 100.00 million placeholder.
Berkeley is focused on enabling and accelerating the rapid development and commercialisation of biotherapeutics and other cell-based products.
According to the prospectus, the company’s platform “captures deep phenotypic, functional and genotypic information for thousands of single cells in parallel and can also deliver the live biology customers desire in the form of the best cells”.
It is billed as a new way to capture and interpret the qualitative language of biology and translate it into single-cell specific digital information, referred to as digital cell biology.
Berkeley said it is concentrating on using its technology to enable the large and rapidly-developing antibody therapeutics, cell therapy and synthetic biology categories.
The company estimates the combined end-market sales of cell-based products across these three fields totalled USD 148.00 billion in 2019.
It added the figure is expected to reach USD 255.00 billion by 2024, representing 11.0 per cent compound annual growth rate.
Berkeley made its first commercial platform sale - of Beacon - in the US in December 2016 and revenue reached USD 56.69 million in the 12 months ending 31st December 2019 (FY 2018: 31.30 million) and USD 13.78 million in Q1 2020.
The group narrowed net loss to USD 16.54 million in FY 2018, from USD 21.16 million in FY 2018, but widened to USD 8.23 million in Q1 2020 from USD 3.38 million in Q1 2019.
Berkeley said the main aim of the IPO is to gain access to the public equity markets, though proceeds would support general corporate activities, including working capital, and funding research and development and sales and marketing.
Money raised may also be used to acquire complementary businesses, products, services or technologies, including scientific expertise, though there are no such plans currently in place.
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