Richmond’s Bostwick Labs to Go Public
Bostwick Laboratories Inc, a Richmond, Virginia-based specialized anatomic pathology laboratory focused on the diagnosis of cancer, announced it is planning an initial public offering of as much as $100 million in common stock. The company will use the proceeds to repay debt, expand and open laboratories, build technology infrastructure, and increase staff.
Banc of America Securities LLC, Wachovia Securities, William Blair & Co, and Cowen & Company will underwrite the initial public offering, according to a preliminary document filed with the U.S. Securities and Exchange Commission (SEC). The company is seeking a Nasdaq listing under the symbol “BOST”. According to published reports, senior officials at the company decided not to comment because of the required SEC quiet period.
Last July, Bostwick announced it would invest $4.6 million to expand its Henrico County headquarters facility. The expansion was expected to create 600 new jobs in three years. Dr. David Bostwick, President and CEO, stated last year, “The decision to expand our facilities in Virginia was based on the Richmond area’s available labor pool, favorable cost of living, quality of life, and centralized East Coast location.”
Bostwick Laboratories is a full-service laboratory specializing in urological pathology, featuring a staff of board-certified pathologists dedicated to the diagnosis, treatment, and management of prostate cancer and all urologic conditions. In addition to its U.S. facilities, the company operates a facility in London, England.
