news from Reuters.... ooo lah lah!
WASHINGTON, Feb 11 (Reuters) - Genomic Solutions Inc., which designs and develops genomic and proteomic instrumentation, software and services, filed on Friday to raise as much as $100 million in an initial stock offering.
The company, based in Ann Arbor, Mich., said its Boche products are used for large-scale gene expression analysis and its proteomic products are used to isolate, identify and characterize proteins.
Genomic Solutions did not say how many shares it plans to sell in the IPO or in what price range in the preliminary prospectus filed with the Securities and Exchange Commission.
It plans to use the proceeds to repay debt, general corporate purposes and possible future acquisitions.
The company had $12.1 million in revenue and $11.1 million in net losses last year, the filing showed.
The $100 million figure in the IPO filing was merely a basis for calculating the SEC registration fee, the company said. It has applied to trade its shares on Nasdaq under the symbol "GNSL" once it goes public.
Warburg Dillon Read LLC, Dain Rauscher Wessels and Punk, Ziegel & Co. are the underwriters for the offering.
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