Bionano's Official IPO, Using The Genetic Mapping Technology

Bionano Genomics (hereafter referred to asBionano) was founded in 2004 as a biotechnology company in San Diego, USA. Itsoptical mapping system is the only physical mapping technology that can jointlyassemble and analyze the optical signals and sequencing data generated by itsown system. It has unique technical advantages for obtaining high-complexregion repeat sequence information and detecting genomic structural variation. Andit’s  becoming a powerful weapon incurrent genomic research.

Recently, this technology company has exposed “abig move”: Bionano has applied for an initial public offering (IPO) and plansto raise $34.5 million.

According to Bionano’s preliminary offer to theUS Securities and Exchange Commission this month, the San Diego-based biotechcompany plans to sell a portion of its common stock (with a specific share),with a maximum subscription of $34.5 million. Bionano is applying for listingon the NASDAQ global market under the ticker symbol “BNGO”. Bionano said thatthe proceeds from the offering, as well as sales revenue and existing funds,will be sufficient to meet at least 18 months of operating cash requirements.In addition, ROTH Capital Partners of the United States acted as the solebookkeeper of the issue, and Maxim Group was the chief manager of theissue.

Since its establishment more than a decade ago,Bionano has been committed to developing genomic optical mapping technology andlaunched the latest commercial genomic mapping system Saphyr in 2017. Thesystem is based on nano-microfluidic chip technology, in which nanochannelsensure that a single DNA molecule flows through a linear stretch, facilitatingthe mapping of genomic maps. At the same time, this high-throughput platformhas excellent sensitivity and specificity in structural variation detection,and can realize genome assembly hundreds of times longer than short reading technology.

Until April this year, the company has held 10US patents and 12 US patent applications, as well as 79 patents granted andapplied worldwide. Bionano said that the number of related systems installedhas exceeded 90, including the Saphyr system and the predecessor of the Saphyrsystem - the Irys system.

In addition, Bionano alsorevealed that in the first quarter of 2018, the company's revenue was $1.7million, with a net loss of $3.8 million and a diluted loss per share of $1.16.The first quarter R&D expenses were $2.4 million and sales andadministrative expenses were $2.9 million. In 2017, Bionano had a total revenueof $9.5 million, a net loss of $23.4 million, and a diluted loss per share of$7.66. In 2017, R&D expenses were $12 million, and sales and administrativeexpenses were $14.1 million. As of March 31, the company had cash and cashequivalents of $7.6 million.