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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.

Shares of the Boulder, Colorado-based firm will begin trading on the Nasdaq today under ticker symbol "BDSX" at $18 per share.

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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 company is developing a blood-based test to detect more than 50 cancer types across all stages and identify a tumor's tissue of origin.

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.

The company said it anticipates using about $25 million to $30 million of the net proceeds for the continued development of its KidneyIntelX platform.

Four diagnostic firms have gone public so far this year, with three of the companies based in China but filing for US initial public offerings.

The company sells a number of next-generation sequencing-based tissue and liquid biopsy tests for cancer therapy selection to the Chinese market.