Ortho said it intends to use part of the net proceeds to repay borrowings under its dollar term loan facility and for working capital and general corporate purposes.
The company, which is developing instrument-free, low-cost molecular diagnostics platform for infectious disease testing, plans to float its shares on the Nasdaq.
In 2014, Ortho was acquired by private equity firm the Carlyle Group from Johnson & Johnson and became an independent organization with a focus on diagnostics.
In its IPO prospectus, the company shared plans to broaden the use of its methylation technology from cancer screening to diagnostics and residual disease monitoring.
The firm intends to use about $25 million to $30 million of the net proceeds for the continued development and planned commercialization of its KidneyIntelX platform.
