BG Medicine, Inc. announced the filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of up to $86.25 million of common stock.
BG Medicine had initially filed to go public in August 2007, and then withdrew its plan in January 2008 citing unfavorable market conditions.
BG Medicine is a life sciences company focused on the discovery, development, and commercialization of novel diagnostics based on biomarkers. The Waltham, Massachusetts-based company was founded in February 2000 as Beyond Genomics, Inc., and in October 2004, changed its name to BG Medicine, Inc.
The company, which has applied for the listing of common stock on The NASDAQ Global Market under the symbol "BGMD", said it has not yet determined the number of shares to be offered and the price range of the offering.
Jefferies & Company and UBS Investment Bank will act as the joint bookrunning managers, with Cowen and Company and Thomas Weisel Partners LLC as co-managers for the offering.
BG Medicine's lead product candidate is BGM Galectin-3 test for heart failure. The company said it has received CE Mark in the European Union for a manual galectin-3 test in October 2009 and have begun limited sales and marketing activities in certain countries in Europe. Further, the company stated that, it expects to begin marketing this test in the United States in the second half of 2010, subject to clearance from the FDA.
The company disclosed in the regulatory filing it has incurred substantial losses since its inception, and also expects to continue to incur losses for the next several years.
For the year ended December 31, 2009, BG Medicine posted net loss attributable to common stockholders of $17.11 million and generated revenue of $8.49 million.
Entities affiliated with Flagship Ventures, General Electric Pension Trust, Gilde Europe Food & Agribusiness Fund B.V., Humana Inc. (HUM), Koninklijke Philips Electronics N.V. (PHG), Legg Mason Capital Management Special Investment Trust, Inc., SMALLCAP World Fund, Inc. hold a significant stake in the company.
For comments and feedback: editorial@rttnews.com