AutoGenomics, which sells a molecular diagnostics system for genetic testing in clinical laboratories, withdrew its plans for an initial public offering on Monday.
It had first filed to go public in 2008 but withdrew its plans in 2011. It then set terms in February 2013 but withdrew the offering later that year. In February 2015, AutoGenomics planned to raise $45 million at a valuation of $126 million but postponed the offering as genetic testing firms sold off.
Genetic testing firms have been among the worst-performing IPOs of 2015, including OpGen (OPGN; -40%), Invitae (NVTA; -35%) and HTG Molecular Diagnostics (HTGM; -29%). In July, prenatal genetic test company Natera (NTRA) priced above the range and gained 26% on its first day, but has since fallen to its offer price.
The Vista, CA-based company was founded in 1999 and booked $24 million in sales for the 12 months ended September 30, 2014. It had planned to list on the Nasdaq under the symbol AGMX. Stifel, Canaccord Genuity and Cantor Fitzgerald were set to be the joint bookrunners on the deal.
