Diagnostic firm Igen Inc. has filed an initial public offering(IPO) with the Securities and Exchange Commission to sell 2.1million shares of common stock in the U.S. at a price range of$11-13 per share. In addition, 520,000 shares are beingoffered in a concurrent international offering outside the U.S.
Igen estimates that the net proceeds from the offering will be$28.4 million, based on an assumed IPO price of $12 per share.
The underwriters for the offering, which was filed Dec. 16, areGoldman, Sachs & Co. and CS First Boston. They have the optionto purchase an additional 312,000 shares to coveroverallotments. The international underwriters have the optionto purchase an additional 78,000 shares for overallotments.
Once the offering is completed Igen will have 14.1 millionshares of stock outstanding. As of Sept. 30, 1993, the companyhad $10.1 million in cash, cash equivalents and short-terminvestments.
Based in Rockville, Md., Igen markets diagnostic systems usingits Origen technology, which is based onelectorchemiluminescence. The technology utilizes labels that,when attached to a biological substance and electrochemicallystimulated, emit light at a particular wavelength to signal thepresence of an analyte. The company's first products wereintroduced to the life-science research market in late 1993.
Founded in 1982, Igen was until last December conductingresearch and development in two therapeutic product areas:catalytic antibodies, which it termed Abzymes, and cancer pro-drug therapeutics. The company transferred its Abzymetechnology to Proteinix Corp. and its cancer pro-drugtherapeutic program to Pro-Neuron Inc. in December. Bothcompanies are affiliated with venture capitalist SamuelWohlstadter, Igen co-founder, chairman and chief executiveofficer.
Igen's strategy is to develop certain products in collaborationwith health care and information technology companies and todevelop and market products independently in the patientpoint-of-care, life science research and industrial markets.
Igen has strategic alliances with four companies: BoehringerMannheim GmbH to develop Origen-based clinicalimmunodiagnostic and nucleic acid probe systems formarketing to clinical reference laboratories, Organon TeknikaB.V. to develop nucleic acid probe systems for marketing toclinical diagnostic and life-science research markets, Eisai Co.Ltd. to market an Origen-based diagnostic system in Japan, andPerkin-Elmer Corp. to market Origen-based systems to detectPCR-amplified gene sequences for research applications.
In May 1993, Igen established a joint-venture partnership,HyperGen, with Hyperion Catalysis International to developand commercialize biomedical products utilizing such materialsas Hyperin's Graphite Fibrils.
-- Brenda Sandburg News Editor
(c) 1997 American Health Consultants. All rights reserved.