Rapid Micro Biosystems, which provides an automated microbial quality control device and platform, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Rapid Micro Biosystems' flagship product, the Growth Direct platform, automates the manual microbial quality control testing workflow which safeguards the complex and critical bioprocessing workflows of pharmaceutical manufacturers. The Growth Direct platform is used to ensure the quality of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. As opposed to traditional microbial quality control testing, the Growth Direct platform is placed on the manufacturing floor, delivering quick results to customers.
The Lowell, MA-based company was founded in 2006 and booked $18 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol RPID. J.P. Morgan, Morgan Stanley, Cowen, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
