The Novo-backed protein testing system developer has not decided on how it will invest the proceeds from the initial public offering.

ProteinSimple, the US-based protein researcher formerly known as Cell Biosciences, has filed for an $86m initial public offering.

ProteinSimple develops and commercialises proprietary systems for protein analysis, which can then be used to develop medications. It has not earmarked any precise uses for the proceeds from the IPO.

The largest shareholder in the company is the UK-based Wellcome Trust, which holds a 19.6% stake, and Novo Ventures, the corporate venturing arm of healthcare company Novo, owns a 12.1% share. Other…