A Medical Device Daily

GenMark Diagnostics (Pasadena, California) reported that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. GenMark said that it hopes to raise $46 million with the IPO.

Piper Jaffray will be the sole book-running manager, and Leerink Swann will act as the co-manager for the proposed offering. The number of shares to be offered and the price range of the proposed offering have not yet been determined. All of the shares of common stock will be offered by GenMark.

GenMark focuses on molecular tests for a range of conditions, including an FDA approved test for cystic fibrosis. It is developing tests for blood clots and respiratory viruses. The company's target markets are hospitals and reference laboratories.

The company said that it plans to spend $15 million of the proceeds for test development, $10 million for sales and marketing initiatives, and the remainder for a mix of system funding and general corporate purposes, according to its filing with the Securities and Exchange Commission.

GenMark plans to trade under the GNMK ticker on Nasdaq.