NanoString Technologies, a US-based developer of molecular diagnostic products and tools for translational research, plans to raise $86.25m in its flotation on the Nasdaq stock exchange.
Investment banks JP Morgan and Morgan Stanley are lead underwriters to NanoString, which had a $17.7m net loss on nearly $23m in revenue last year.
In December, Morgan Stanley co-led a $15.3m series E preferred stock round of financing into NanoString Technologies with investment management company Alliance Bernstein. There were also investments from return backers Clarus Ventures (which owns 36%), Draper Fisher Jurvetson (20%), OVP Venture Partners (23.08%), GE Healthymagination Fund, BioMed Ventures and Henri Termeer.
NanoString has raised a total of $88.8m in venture funding. NanoString’s Series B financing led by Draper Fisher Jurvetson, raised $8.5m was raised in its Series C round raised $30m in 2009, with a venture round in 2010 raising $15m led by Clarus Ventures and a further $20m in a Series D round led by GE Healthcare’s Healthymagination fund.
NanoString is a spinoff from the institute for Systems Biology and develops molecular diagnostic products and tools for translational research.