Don’t tell Medidata the IPO party is long over.
The New York City startup, a maker of online documentation software for the pharmaceutical industry, on Friday filed its intention to go public in a bid to raise $86 million.
Founded in 1999, Medidata has been unprofitable since its start, according to the documents filed with the U.S. Securities and Exchange Commission. The company has run up $38 million in losses as of September 2008, according to the documents.
Medidata has some big customers—Johnson & Johnson, AstraZeneca, Amgen, Astellas Pharma, and Takeda Pharmaceutical, among others—and is increasing sales.
The company reported revenue of $84 million for the nine months up to September 30, 2008, a 38 percent increase over the $61 million it reported for the same period in 2007.
The company plans to trade on the Nasdaq under the ticker symbol “MDSO.”