Diagnostics outfit CardioDx upped the high end of its planned IPO to $92 million and revealed some details about its envisioned offering.
According to the Palo Alto, CA, company's Nov. 4 regulatory filing, plans call for offering more than 5 million shares of common stock at between $14 and $16 per share. When CardioDx announced its IPO plans earlier in October, the company said it expected to raise as much as $86.2 million.
CardioDx, a 2012 Fierce Medical Devices Fierce 15 winner, appears to have timed its IPO to a boomlet of diagnostics companies turning to the public markets. Earlier this fall, Foundation Medicine ($FMI) went public and pulled in a gigantic $106 million, landing at the top of its range. Veracyte ($VCYT), a 2013 Fierce 15 winner, raised a more modest, but still successful, $65 million on Oct. 30. Medical device IPOs have been scarce, but Tandem Diabetes Care is among med tech companies that have filed IPO plans, and it recently raised its target to $123.2 million.
CardioDx makes the Corus CAD blood test, a gene expression diagnostic designed to help rule out obstructive coronary artery disease. Aside from filing IPO plans during a market opening, the company will be hitting the public markets as the Affordable Care Act kicks in. Corus CAD has Medicare Part B coverage and is poised to make a splash, considering it is designed to help control costs but also boost the efficiency of care.
CardioDx plans to trade on Nasdaq using the symbol "CDX."
- here's CardioDx's amended S-1