10/17/2000

Cellomics Raises $30M Privately While Waiting To Complete IPO

By Brady Huggett
Staff Writer of BioWorld

Cellomics Inc. completed a $30 million private placement of Series C preferred stock, while another day passed since it filed for an initial public offering in the spring.

The financing was led by a group of funds managed by Amerindo Investment Advisors, of New York. New investors included Invesco Global Health Sciences Fund, of Denver, and Alta Partners, Burrill Biotechnology Capital Fund and BayStar Capital, all of San Francisco. Other participants were Ariane Health Fund, LCF Rothschild and Biosphere. Previous investors again participating were InterWest Partners, of Menlo Park, Calif., and Vector Fund Management, of Deerfield, Il. Due to the proposed initial public offering, Cellomics was unable to comment on the financing.

Cellomics, of Pittsburgh, had $852,306 in cash and cash equivalents on June 30. It raised $500,000 in 1997, $6.1 million in 1998, $9.2 million in 1999, and another $6.5 million in the first six months of 2000, all through the sale of preferred stock ($16.6 million) and debt financing ($5.7 million).

In March, Cellomics filed for an initial public offering seeking $100 million without disclosing the number of shares or suggested stock price. On December 31, 1999, it had $1.3 million in cash and estimated that, coupled with the money it hoped to raise through the offering, the company would be able to fund operations through 2001. On Sept. 5, Cellomics filed an amended prospectus with the SEC, anticipating it would offer 6 million shares in the $16 to $18 range per shares (see BioWorld Today, March 8, 2000).

Cellomics Inc. works in the cellomics field - the study of the molecules in a cell and how they bring about cellular functions. The company developments and commercializes an integrated product platform, including high-content screening products to measure the physical position and activity over time of cells and cellular activity, informatics products to extract information concerning cells, cellular components and their functions and cellular bioinformatics products to create new cellular knowledge.

Cellomics' ArrayScan II system, an automated cell analysis instrument, generates data regarding the effects of potential new drugs on various aspects of one or several cellular targets. The product is currently on the market and has been sold to several pharmaceutical companies. Its Array Scan Kinetics Workstation, manufactured by Car Zeiss, of Jena, Germany, allows researchers to perform automated high-content screening on living cells. Cellomics also distributes the Zeiss Ultra High Throughput Screening System in North America, a fluorescence detection system that is capable of processing more than 100,000 samples per day.