10 Aug 2004
Cambridge Display Technology files for an initial public offering and plans to float on the NASDAQ stock exchange.
Cambridge Display Technology (CDT), the UK-based developer of organic light-emitting polymers (LEPs) is gearing up for an initial public offering (IPO) on the NASDAQ stock exchange in the US. The firm has just filed the necessary paperwork, an S1 registration document, with the US Securities and Exchange Commission (SEC). The number of shares to be offered and their price range have not yet been determined.
Founded in 1992 as a spin-off from the University of Cambridge, UK, CDT has spent the past decade developing LEPs with a sufficient brightness and lifetime to create color organic displays (OLEDs) to rival LCDs. The technology has now been licensed to about half a dozen firms in the display sector including Seiko-Epson, Philips, Dupont Displays, MicroEmissive Displays and Osram.
"Our P-OLED technology has demonstrated lifetimes greater than 210,000 hours for red devices, over 190,000 hours for green devices and over 70,000 hours for blue devices in each case measured as the time to half-brightness from an initial brightness of 100 cd/m2," claims CDT in its S1.
"We believe the current lifetimes satisfy the requirements for small- to medium-sized consumer products such as mobile phones, PDAs, digital cameras and camcorders, portable DVD players, MP3 players, and in-car entertainment and navigation displays," CDT adds.
However, the firm admits that the performance of its technology is "not yet sufficient" for larger sized devices such as TV screens or computer monitors which require higher brightness levels and are designed to have longer lifetimes.
It appears that the cash generated by the imminent IPO is much needed. In its most recent set of financial results, the quarter ended 31 March, CDT reported a loss of $17.7 million (EURO 14.4 million) and a revenue of $1.3 million. Its cash and cash equivalents are listed as $7.8 million.