Bionano Genomics, which sells a proprietary system for next-generation genome analysis, lowered the proposed deal size for its upcoming IPO on Wednesday. It also added warrants to the offering and co-manager LifeSci capital joined the syndicate.
The San Diego, CA-based company now plans to raise $16 million by offering 2.5 million units at a price range of $6 to $7. Each unit will consist of one share of common stock and one warrant to purchase one share of common stock exercisable at the unit offer price. Bionano also enacted a 1-for-2 stock split on Wednesday, and insiders increased their IPO indications to $8 million (50% of the deal). The company had previously filed to raise $30 million by offering a split-adjusted 2.75 million shares at a range of $10 to $12 ($85 million proposed market cap; down from $108 million in original July 17 launch). At the midpoint of the revised range, Bionano Genomics will command a fully diluted market value of $55 million (down 35%) and raise 47% less in proceeds than previously anticipated.
Bionano Genomics was founded in 2003 and booked $11 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol BNGOU. Roth Capital is the sole bookrunner on the deal. It is expected to price this week.
