Alamar Biosciences Inc. of Sacramento, Calif., announced plansto raise about $5 million from an initial public stock offering
The 4-year-old company said last week that it filed with theSecurities and Exchange Commission to sell 850,000 units,consisting of one share of common stock and a warrant topurchase one share. The units are expected to be priced atabout $6 each.
Alamar said it uses a proprietary technology to developdisposable tests for identifying bacterial infections andadjusting antibiotic drug dosages for patients. It started sellinglast October a diagnostic to identify gram-negative bacteria.The company has filed a patent application covering theprocess. Two other tests are awaiting review.
Alamar's offering prospectus lists as competitors BaxterInternational Inc. and bio-Merieux Vitek. It also notes that thecompany posted a $1.6 million loss for the six months endedMarch 31 on $6,000 in sales, according to the prospectus.
The managing underwriter for the IPO is Paulson InvestmentCo. Inc. of Portland, Ore.
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