Quanterix launches IPO to spur continued growth

Nasdaq
Quanterix will use funds from an IPO to “improve and update” its Simoa technology.

Molecular diagnostics firm Quanterix is launching an IPO. The move comes more than a year after the company locked down funding to spur growth.

Lexington, Massachusetts-based Quanterix will offer 3.34 million shares at a price of between $14 and $16 per share. The company will list on the NASDAQ Global Market under the ticker “QTRX.”

Quanterix plans to use funds from the IPO to expand operations and to pursue regulatory signoffs for its tests, the company said in a recent SEC filing. The firm brought in $12 million in revenue in 2015 and $17.5 million in revenue in 2016, setting the stage for more growth in the years to come.

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

A large part of the company’s success comes from its blood biomarker testing product, Simoa. Quanterix has billed its technology as more sensitive than traditional testing, as it only requires a single target molecule to generate a signal. The device has 30 assays for biomarkers covering areas such as cardiac care, oncology and neurosciences.

Quanterix will use funds from an IPO to “improve and update” its Simoa technology and to develop additional tests, including those for nucleic acid detection, it said in its filing. The company will also focus on getting signoffs for other instruments outside of the life sciences market.

The firm’s IPO comes after a large fundraising round last year. In March 2016, Quanterix brought in $46 million in series D funding from new and existing investors, adding to $54 million from previous fundraising.

At the time, Quanterix said it would consider an IPO but it did not discuss any immediate plans to go public. The company planned to focus on launching new products and developing 60 new assays to expand its global reach, it said at the time.

“While the company has not defined a specific timetable for an IPO, it is under consideration based on the company’s rapid growth,” a Quanterix spokesperson said in March 2016.

Suggested Articles

The FDA has cleared its first duodenoscope designed to make the intricate, moving and difficult-to-clean parts in the head of the device disposable.

The FDA has approved its first contact lens designed to effectively slow the progression of nearsightedness in children, starting in ages 8 to 12.

Novartis tapped Biofourmis to develop tracking programs for heart failure patients, as the latter acquired Biovotion, makers of clinical wearables.