Biocept Laboratories released some details of its IPO plan, and the California cancer diagnostic maker's turn at the public markets remains a modest one.
Biocept said it will offer more than 2 million shares of common stock at between $10 and $12 each, with a maximum offering of a little over $25 million, according to its preliminary prospectus. In September, the San Diego company's initial S-1 filing indicated a maximum offering of up to $23 million.
Biocept's proposed IPO is relatively small compared to some of its diagnostics competitors that have taken similar tentative steps or dove full in to take the public market plunge. CardioDx recently increased the high end of its IPO range to $92 million, for example. Foundation Medicine ($FMI) went public earlier this fall and raised $106 million, hitting the top of its range. Veracyte ($VCYT), a 2013 Fierce 15 winner, drew in $65 million from its IPO at the end of October.
Biocept is in the process of commercializing a breast cancer circulating tumor cell test performed on a blood sample, and a second blood test for non-small cell lung cancer should be ready for use by the first half of 2014, the company has said in its regulatory filings. And Biocept has collaboration deals with MD Anderson Cancer Center and the Dana-Farber Cancer Institute, with similar partnerships envisioned in the future.
Biocept, which launched in 1997, plans to trade on the Nasdaq under the symbol "BIOC."
- check out Biocept's IPO details