Bostwick Laboratories, Inc. submitted an IPO filing Friday, March 7. The filing shows a proposed maximum amount in securities as $100 million. The underwriters are listed as Banc of America, Wachovia Securities, William Blair, and Cowen & Co. It has applied to trade on the NASDAQ Global Market under the symbol “BOST.”
Bostwick Laboratories is a specialized anatomic laboratory that focuses on cancer diagnosis. CEO and founder Dr. David Bostwick developed their service-focused business model in which the company builds strong relationships with referring physicians through their diagnostic services and continuing communication about innovations and service adjustments to better meet physician needs. This model allows physicians to make quick and informed treatment decisions. In 2007, Bostwick generated $102.8 million in revenues with a net income of $2.3 million. Bostwick believes they have a solid market position with strong growth potential because the anatomic pathology market in 2006 touched $11.3 billion in revenue and is expected to grow at an average of 9% over the next few years, due to an aging US population and increased incidence of cancer.
While most markets gasp for air, the cancer market seems healthy as ever.