NEW YORK — Lucid Diagnostics went public on the Nasdaq Thursday at $14 per share.
Its shares were down 12 percent at $12.32 in early morning trading.
The New York-based diagnostic test developer priced its previously announced initial public offering of 5 million shares of its common stock late on Wednesday at $14 per share, expecting gross proceeds of $70 million.
Lucid said it has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the initial public offering price less underwriting discounts and commissions. Cantor and Canaccord Genuity are joint bookrunning managers for the offering, and BTIG and Needham are co-lead managers.
A subsidiary of Pavmed, Lucid markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for the detection of gastroesophageal reflux disease and early detection of esophageal precancer and cancer. EsoGuard is commercialized in the US as a laboratory-developed test, while EsoCheck is a US Food and Drug Administration 510(k)-cleared esophageal cell collection device.
The initial public offering is expected to close on or about Oct. 18, Lucid said.