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LipoScience upgrades test

January 6, 2012

LipoScience, which had 171 employees as of June 30, announced Thursday that it is seeking permission from the Food and Drug Administration to market the device. The company previously reported in a securities filing that it hopes to win regulatory approval in time to begin selling the device this year.

LipoScience officials weren’t available for comment Thursday.

CEO Richard O. Brajer said in a prepared statement that decentralizing the administration of the test would have several benefits, including significantly reducing the turnaround time for test results in some cases.

In June, the privately held company disclosed in a Securities and Exchange Commission filing that it hopes to raise $86.25 million in an initial public offering of stock. The company first filed IPO plans in 2002 but scrapped them.

At the end of September, the company filed updated financial documents for the first half of 2011 with the SEC. It hasn’t made any filings since then.

“You can say LipoScience is in limbo,” said John E. Fitzgibbon Jr., publisher of IPOScoop.com. The company could push forward with its IPO plans at any time, or it could decide to withdraw a second time.

Last year was a lackluster year for IPOs. A total of 121 companies went public, down from 153 in 2010, Fitzgibbon said.

LipoScience’s last filing showed that that over the fist six months of last year, it generated $21.7 million in revenue, up 12 percent from a year earlier. The company lost $809,000 during that span – down from a $1.1 million profit – as it boosted research-and-development expenses by 15 percent and expanded its sales and marketing staff from 50 to 69.

LipoScience’s ultimate goal is to replace traditional cholesterol tests. The LipoProfile test measures the quantity and size of lipoprotein particles, which carry cholesterol, in the blood.

Article source: http://newsobserver.com/2012/01/06/1756358/liposcience-upgrades-test.html


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