CardioDx was among the cluster of diagnostics and med tech companies that joined a march to the public markets earlier this fall. But executives have now decided to delay the company's IPO, according to various media reports, citing poor market conditions.
The Palo Alto, CA, outfit was a 2012 Fierce 15 winner and produces the Corus CAD blood test, a gene expression diagnostic designed to help rule out obstructive coronary artery disease. This fall, it announced plans to offer more than 5 million shares of common stock at between $14 and $16 per share, with an IPO that could generate as much as $92 million. CardioDx was widely expected to pull the IPO trigger this week. But Renaissance Capital, the Silicon Valley Business Journal and others reported that the company pulled back over poor market conditions.
A massive biotech IPO wave over the last few months had begun to spread to diagnostics companies and even a few med tech firms. But the life sciences IPO market opening may have peaked for now. Consider, for example, that CardioDx's pullback comes as biotechs Relypsa and Xencor recently lowered their IPO projections. Celladon delayed its IPO altogether, and the promising biotech also cited poor market conditions, our sister publication FierceBiotech reported.
Still, other IPOs are, or have been, moving forward. Oxford Immunotec Global, the U.K. developer of a tuberculosis blood test, recently announced plans to offer more than 5.4 million shares at between $13 and $15 per share. Biocept Laboratories appears to be moving forward with its IPO, with a goal of potentially surpassing $25 million in money raised. Cancer diagnostics darling Foundation Medicine ($FMI) recently pulled in $111 million in net proceeds in a wildly successful IPO. Molecular diagnostics company Veracyte ($VCYT), a 2013 Fierce 15 winner, hit the public markets at the end of October and raised $65 million.
Just this week, insulin pump maker Tandem Diabetes ($TNDM) raised $120 million for its IPO, hitting the top of its range.