NEW YORK (AP) - In an April 14 story about Fluidigm's proposed initial
public offering, The Associated Press erroneously reported that the company had
identified material weaknesses in its internal controls over financial
reporting. The company's internal control currently has certain "significant
deficiences," which are less severe than a material weakness.
A correct version follows.
NEW YORK (AP) -- Fluidigm Corp., which makes systems to control fluids for
life science research, plans an initial public offering of common stock,
according to a Securities and Exchange Commission filing on Monday.
Fluidigm did not disclose the expected size or price range of the IPO, but
indicated the offering price may total up to $86.3 million. The company noted
that the total offering price was estimated solely to calculate its registration
fee and may change.
Fluidigm said its technology enables its customers to perform thousands of
complex biochemical measurements on samples smaller than the content of a single
cell.
In 2007, South San Francisco, Calif.-based Fluidigm's loss widened to $25.5
million, from $23.6 million in the prior year. The company's revenue increased
to $7.3 million, from $6.4 million in 2006.
Fluidigm noted that it expects to incur losses for the foreseeable future.
Fluidigm also noted it has identified certain significant deficiencies in its
internal control over financial reporting.
The company plans to use the net proceeds from the offering to grow its
sales force, commercialize its products, continue research and development,
expand its facilities and manufacturing operations and for working capital and
other general corporate purposes. Fluidigm said it may also use some proceeds
for future acquisitions.
President and Chief Executive Gajus V. Worthington, who co-founded the
company, previously held various management positions at chip maker Actel Corp.
Morgan Stanley is serving as the IPO's lead underwriter. UBS Securities and
Leerink Swann are also underwriting the offering.
Fluidigm expects to list its shares on the Nasdaq Global Market under the
symbol "FLDM."
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