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Monday, May 24, 2004

Going Public Without Profits or a Product? Yes, in 2004 via NYTimes

Nanosys Inc., a company in Palo Alto, Calif., filed a public offering statement hoping to raise up to $115 million. Unlike Google Inc., its Silicon Valley neighbor that is also going public, Nanosys has no profits and no products to sell, and its filing statement said it would not market any products before 2006.Nanosys has more than 200 patents and patent applications as well as product development ventures with big companies like Intel and DuPont. The company, founded in 2001, has ties to some of the world's leading nanotech researchers, and promotes its technology as a building block for products as diverse as solar energy panels, electronic displays and memory chipsStill, a hot reception for the Nanosys public offering is likely to lift all companies in nanotechnology. Companies selling themselves could probably seek a higher price and those raising money from venture capitalists may be able to command better terms. And if the dot-com era is any guide, success of Nanosys will accelerate the trend of companies sticking the "nano" prefix in their names or associating themselves with the field in advertising.some experts like Vinod Khosla, a partner at the venture capital firm Kleiner Perkins Caufield & Byers, have been arguing that such a correction is overdue because too many venture capitalists have been piling into the field of Nanotechnology. It is a strange world indeed - while there are a lot of expectations in terms of advances by using nanotechnology, the funding of such firms is still ridden with doubts and difficulties.

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