NEW YORK – Precision diagnostics company MDxHealth said on Wednesday that it has publicly filed a registration statement with the US Securities and Exchange Commission relating to a proposed initial public offering of American depositary shares in the US for a proposed maximum aggregate offering price of $30 million.
The company — which has headquarters in Herstal, Belgium, and Irvine, California — has applied to list the ADSs on the Nasdaq Capital Market under the symbol MDXH.
Piper Sandler is acting as lead bookrunning manager, Oppenheimer is acting as co-lead bookrunning manager, BTIG is acting as a lead manager, and KBC Securities USA is acting as a co-manager for the proposed offering.
In September, MDxHealth revealed that it had confidentially submitted a draft registration statement to the SEC relating to its IPO of ADSs, but did not specify the number of ADSs it planned to offer, nor the timing or price for the proposed offering.
Those parameters still have yet to be determined, the company said in its new announcement. The public offering is expected to take place after the SEC completes its review process.
In its new filing with the SEC, MDxHealth also said the principal purpose of this offering is to increase the firm's financial flexibility in order to fund its growth through the development of its business and products and through the expansion of its menu of tests for prostate cancer and other urologic diseases. It expects to use the net proceeds from the offering to expand commercial operations; to fund research and development efforts to expand the applications of its current tests and to create enhanced urologic testing solutions; and for working capital and general corporate purposes.
In its recent earnings report for the first half of 2021, MDxHealth said its revenues increased 9 percent year over year, thanks largely to healthy increases in sales of its prostate cancer tests, SelectMDx and ConfirmMDx.