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The Delray Beach, Fla., company has been the subject of controversy from privacy advocates for its human implantable RFID chips.
VeriChip Corp., a subsidiary of Applied Digital Solutions Inc., known for its radio frequency identification technology, said Friday it has filed for an initial public offering (IPO)of shares of its common stock.
The Delray Beach, Fla., company has been the topic of controversy from privacy advocates for its human implantable RFID chips. In 2004, the U.S. Food and Drug Administration gave VeriChip the green light for the country's first implantable RFIDchip in humans.
The underwriters of the offering are Merriman Curhan Ford & Co. and Kaufman Bros., L.P. The number of shares offered and the price for the offering have not yet been determined. Applied Digital has stated it plans to retain a majority interest in, and to consolidate the financial results of, VeriChip Corp.
Analysts believe VeriChip is the first in a series of IPO in the RFID sector the tech industry will see in the coming year. Other IPOs thought on the horizon in 2006 are Alien Technology Corp. and Impinj Inc., both privately held venture-backed companies in the RFID, according to David Creamer, managing director of the Jefferies Broadview technology investment banking group, who co-heads the Communications & Computing Infrastructure global practice group.
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