Rules-Based Medicine, Inc., in a filing with the U.S. Securities and Exchange Commission, announced its plan for initial public offering of up to $90 million of its common stock.
Rules-Based Medicine, which was incorporated in Delaware on August 1, 2002, is a life sciences company focused on the development and commercialization of molecular diagnostic tests based on novel biomarker patterns, initially for the psychiatric market.
The Austin, Texas-based company said it has applied to list its common stock on the Nasdaq Global Market under the symbol "RULE"
Rules-Based Medicine disclosed in the filing that it plans to use this offering proceeds to pay dividends accrued relating to outstanding Series A-1 preferred stock, to repay borrowings, and remainder for working capital and other general corporate purposes.
RBM Holdings, LLC, RBM Management Group, LLC and EGI-Fund (08-10) Investors, L.L.C. each hold more than 5% stake in the company.
For the nine months ended September 30, 2009, the company posted net loss attributable to common stockholders of $328 thousand, and generated pharmaceutical services revenues of $15.68 million.
Detailing about its risk factors, Rules-Based Medicine said it is highly dependent on Luminex Corp.'s (LMNX) xMAP technology platform, and the loss of access to such technology could materially adversely affect its revenues and results of operations.
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