beneficiary of more than $16 million from the California stem cell
agency today announced that it intends to go public to raise $57.3
million for its iPS cell ventures.
Jamie Thomson UCSB photo |
International, Inc., and was co-founded by internationally known stem
cell scientist Jamie Thomson of the University of Wisconsin, who is
currently the company's chief scientific officer. Thomson is also a professor
at UC Santa Barbara, where he is co-director of the Center for Stem
Cell Biology and Engineering.
agency awarded a $16 million grant to Cellular Dynamics to derive
three iPS cell lines from 3,000 individuals as part of the agency's
stem cell banking initiative. (Here is a link to the grant review summary.)
filings that it also will be the prime subcontractor on a $10 million
grant that the Coriell Institute for Medical Research of Camden,
N.J., received in the agency's stem cell banking round. Cellular Dynamics said
some of the funds from the IPO will be used to complete its
California laboratory in leased space at the Buck Institute in
Novato, north of San Francisco.
and sold its first commercial product in 2010. It reported revenues
of $6.6 million in 2012 and losses of $22.3 million. It has 115
full-time and part-time employees worldwide.
“During 2011 and 2012, we had three
large biopharmaceutical customers that individually accounted for
greater than 10% of our total revenue in one or both years. Eli Lilly
and Company (Lilly) accounted for 10% of total revenue in 2011 and
18% of total revenue in 2012. Hoffmann-La Roche Inc. (Roche)
accounted for 13% of total revenue in 2011 and GlaxoSmithKline plc
(GSK) accounted for 11% of our total revenue in 2012.”
filings,
“Our total revenue grew from $2.6
million in 2011 to $6.6 million in 2012, an increase of 154%. This
growth was driven by a 247% increase in sales of our iCell products
which grew from $1.5 million in 2011 to $5.2 million in 2012. At
December 31, 2011, our backlog of revenue expected to be recognized
in 2012 was $1.1 million. At December 31, 2012, our backlog of
revenue expected to be recognized in 2013 had grown to $4.1 million.
“For the three months ended March 31,
2013 our total revenue was $2.4 million, an increase of 109% over the
corresponding period in 2012. This growth was driven primarily by an
increase in iCell product sales, which grew from $0.6 million for the
three months ended March 31, 2012 to $1.8 million for the three
months ended March 31, 2013, an increase of 173%.”
Cellular Dynamics and Japanese researcher Shinya Yamanaka, who won the Nobel Prize last year for discovering how to reprogram adult stem cells into pluripotent cells (the iPS process).
"A
recent question is the issue of who has the intellectual property
(IP) rights to iPS cell technology. People have told me in the
past that they wondered if Cellular Dynamics has unambiguous rights
to develop all of these iPS cell-based products."
“This (the IPO) looks to
be very interesting and could transform the field as it develops.”
was light, but is more expected to surface tomorrow. Here is a link to the only story that had surfaced as of this writing.
the offering.
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