Benzinga | Jul 23, 2021 03:00PM EDT

Cell Analysis Instruments Provider Cytek Biosciences Kick Starts Trading After Pricing IPO At $17

* Cytek Biosciences Inc (NASDAQ:CTKB) shares started trading today after its initial public offering was priced to raise about $200 million for the cell-analysis Company.

* Cytek has developed high-resolution, high-content, and high-sensitivity cell analysis technology called Full Spectrum Profiling.

* Supported by the firm's Aurora and Northern Lights systems, a cell sorter called the Aurora CS allows a higher level of multiplexing than traditional flow cytometry.

* Apart from the Northern Lights CLC system, which is available for clinical use in China and the European Union, Cytek's products are for research use only.

* In documentation filed with the SEC, Cytek reported $24.3 million in total revenues in Q1 of 2021 compared to $18 million a year ago.

* Its quarterly net income was $102,000, compared to a net loss of $839,000 in the same quarter a year ago.

* Cytek ended Q1 2021 with $168.6 million in cash and cash equivalents.

* As of March 31, 2021, the Company has placed over 750 instruments to over 620 companies.

* Morgan Stanley, Goldman Sachs, Piper Sandler, and Cowen acted as joint bookrunners on the deal.

* Price Action: At midday, the shares were trading at $17.89, 5% above the $17 a share set for the IPO. The shares opened at $20.10.