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altheadx

from GenomeWeb

NEW YORK (GenomeWeb) – AltheaDx has raised the target amount on its proposed initial public offering to about $74.3 million from $69 million, it disclosed in an amended prospectus filed with the US Securities and Exchange Commission last week.

The company said that it expects to fetch between $12 and $14 per share from its IPO and plans to offer a little more than 4.6 million shares of its common stock. At the midpoint price of $13 per share, net proceeds from the offering are anticipated to be $52.2 million, or $60.6 million if the underwriters exercise their overallotment option in full, AltheaDx said.

AltheaDx plans to list on the Nasdaq Global Market under ticker symbol “IDGX.” Citigroup and Jefferies are the joint book-running managers on the proposed offering, and William Blair and Cantor Fitzgerald are the co-managers.

AltheaDx said in its amended prospectus that it expects to use about $15 million of net proceeds for R&D, including clinical studies to demonstrate the utility of its products, the expansion of its IDgenetix tests, and to support efforts to secure reimbursement.

The IDgenetix portfolio of tests enables clinicians to tailor treatments for cardiovascular disease, neuropsychiatric disorders, and pain, AltheaDx said.

Another $15 million will be used to expand sales and marketing operations related to the IDgenetix tests, while $10 million will go toward expanding AltheaDx’s facilities and laboratory operations. Remaining proceeds will be used for working capital and general corporate purposes, as well as for licensing deals, acquisitions, and investments in complementary businesses, technologies, products, and assets, the company said.

The molecular diagnostics company filed for an IPO a month ago.

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Chris Hebel

About the author - Chris Hebel

More than 20 years experience at early stage Biotechnology companies encompassing both product/process development work and entrepreneurial business development work. Mr. Hebel now acts as a consultant to early stage companies developing and commercializing various biotechnology products based on cutting edge technologies.

To Boldly Go Where No Biomanufacturing Has Gone Before BioValence is developing cutting-edge oral-delivery broad-spectrum antiviral and anticancer biologics