PSNL - Biodesix prices IPO at $18/share trades today
Lung cancer diagnostics company, Biodesix (BDSX) has priced initial public offering of ~4.17M common shares at $18/share.Underwriters' over-allotment is an additional 600K shares.Trading commences today on Nasdaq.Offering is expected to close on October 30.Net proceeds of ~$30M will be used to support commercial expansion of sales, marketing, reimbursement, customer support and business development; ~$16M to support product pipeline and research and development; ~$13M to pay a portion of Integrated Diagnostics acquisition milestone payment and the remaining proceeds will be used for working capital and general corporate purposes.According to a 2017 market research report by Grand View Research, the global market for the treatment of non-small cell lung cancer [NSCLC] is expected to reach $12M by 2025, representing a forecast CAGR of 7.5% from 2016 to 2025.Major competitors are: Guardant Health (GH), Foundation Medicine, Lab Corporation (LH), Quest Diagnostics (DGX), Adaptive Biotechnologies (ADPT), Personalis (PSNL) and Veracyte (VCYT).
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Biodesix prices IPO at $18/share, trades today