As initial public offerings and mergers and acquisitions declined in 2022, diagnostics firms found it harder to get funding for R&D and commercialization efforts.
The firm uses epigenetic and genetic information, along with machine learning to determine a patient's risk of cardiovascular disease.
South Korean Biotech Lunit Prices $28M IPO
The company, which is developing artificial intelligence-based technologies for cancer diagnosis and treatment, will float its shares on the KOSDAQ.
In 2021, 19 diagnostic companies went public, but so far in 2022 only two have announced their intentions to go public.
Nineteen companies went public during the year, with two offerings nabbing proceeds of more than $1 billion and two more above $500 million.