ALAMEDA -- Singulex, which develops cutting-edge tests to help diagnose and monitor chronic diseases, filed for an initial public offering of its stock on Friday, saying it hopes to raise up to $86.3 million through the IPO.
Singulex intends to list on the NYSE under the ticker symbol SGLX, a filing with the Securities and Exchange Commission shows.
During 2011, Singulex lost $11.3 million on revenues of $24.8 million, according to a prospectus the life sciences company filed with the SEC.
Over the 12 months that ended in June, Singulex generated revenues totaling $37.5 million, an analysis of the prospectus shows.
However, the annual loss in 2011 was smaller than in 2010, the SEC files show.
And Singulex produced a big increase in sales during 2011. Compared to the 2010 revenue of $4.9 million, the company's revenue in 2011 soared 406 percent, a five-fold increase.
"We have a history of incurring losses," Singulex stated in the prospectus.
The company's primary source of revenue is an advanced system to monitor cardiovascular diseases, according to the prospectus. That system will be the key focus for Singulex -- and a primary reason that the company will continue to suffer red ink, the prospect stated.
"We expect to incur losses in the current fiscal year and for at least the next several fiscal years, as we increase expenses in our efforts to increase market share for our advanced cardiovascular disease monitoring
Alameda-based Singulex has incurred losses since it was founded in 1997. At the end of June, the company had an accumulated deficit of $80.9 million, the SEC filing showed.
Despite the risks and ongoing losses, Singulex believes it has tapped into a health car market that is certain to grow.
Cardiovascular disease is the number one cause of death in the United States and is projected to grow substantially.
"We believe our strategy will result in physicians using our advanced cardiovascular disease monitoring services to test their patients on a regular basis to detect chronic cardiovascular disease early and effectively monitor disease progression," Singulex stated in the prospectus.
Contact George Avalos at 925-977-8477. Follow him at twitter.com/george_avalos.