Talis Biomedical, which is developing diagnostic tests for COVID-19 and other infectious diseases, announced terms for its IPO on Monday.
The Menlo Park, CA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Talis Biomedical would command a fully diluted market value of $829 million.
The company's testing platform, called Talis One, is being developed as a sample-to-answer, cloud-enabled molecular diagnostic platform. It is developing Talis One tests for respiratory infections, infections related to women’s health, and sexually transmitted infections. Talis submitted a request for an Emergency Use Authorization to the FDA for its Talis One platform with COVID-19 molecular diagnostic assay in January 2021. It plans to initiate a clinical trial to support clearance of a 510(k) pre-market notification of its Talis One instrument with a test for chlamydia and gonorrhea in mid-2021, with the pre-market notification following in the 1H22.
Talis Biomedical was founded in 2010 and booked $12 million in grant revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol TLIS. J.P. Morgan, BofA Securities and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2021.
The article Diagnostic testing developer Talis Biomedical sets terms for $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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