Genetic test firm AltheaDx passes on IPO: $60 million offering withdrawn

AltheaDx, which offers personalized genetic diagnostic tests to predict adverse drug reactions, withdrew its plans for an initial public offering on Monday.

AltheaDx had originally filed to raise $60 million (4.6 million shares at $12-$14) in mid-February and was being pitched at a fully diluted market cap of $168 million and an enterprise value of $120 million.

The San Diego, CA-based company, which was founded in 2008 and booked $17 million in sales for the 12 months ended September 30, 2014 had planned to list on the NASDAQ under the symbol IDGX. Citi and Jefferies were set to be the joint bookrunners on the deal.

AltheaDx states that the IPO would have been discretionary financing, and that "the terms currently obtainable in the public marketplace are not sufficiently attractive" to warrant going through with the offering. The company disclosed that it may decide to pursue private offerings.

Invitae (NVTA; +14%) is the one genetic testing company to have gone public this year. Others in the pipeline include RainDance Technologies (RAIN), OpGen (OPGN) and HTG Molecular ( HTGM ).

The article Genetic test firm AltheaDx passes on IPO: $60 million offering withdrawn originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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