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Exagen, which develops and markets autoimmune tests, went public on the Nasdaq today and expects gross proceeds of $50.4 million from its IPO.
The company markets two tests for skin cancer, including DecisionDx-Melanoma for identifying high-risk Stage I and II cutaneous melanoma patients.
The company markets genetic tests for skin cancer including DecisionDx-Melanoma for identifying high-risk stage I and II cutaneous melanoma patients.
The firm, which markets a clinical immunosequencing assay for leukemia and multiple myeloma, had originally expected to sell its shares at $15 to $17 apiece.
Adaptive currently offers a clinical immunosequencing assay for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia.
The firm plans to use proceeds to fund commercial activities related to its ClonoSeq assay, as well as research into drug discovery and its project to map TCR antigens.
The expected gross proceeds are more than double what the firm proposed as its original goal for the offering when it filed plans to list its shares in September.
The company said it plans to list its stock on the Nasdaq under the ticker symbol GH.
The newly independent firm will continue to invest in diagnostics by bringing its menu of PCR tests for infectious diseases to the US and other markets, among other objectives.
The listing will allow Siemens Healthineers to invest in high-growth health sectors, such as molecular diagnostics, and to acquire US-based healthcare technology startups.