The investment banks cited the company's access to proprietary technology and the potential $5 billion market for Exagen's testing options as reasons for its Outperform rating.
Exagen, which develops and markets autoimmune tests, went public on the Nasdaq today and expects gross proceeds of $50.4 million from its IPO.
Under the expanded deal, PredictImmune will have first right of refusal on technologies for predicting disease outcome for systemic lupus erythematosus.
The merger is aimed at expanding Salveo’s diagnostics capabilities and improving communication with providers and patients.
The combined company will offer laboratory testing and digital technologies for diagnosing and managing lupus, multiple sclerosis, and other autoimmune diseases.
Last year, the Oklahoma City-based firm raised $1.25 million in investment funding and acquired health management platform LupusCorner.
The financing will go toward ongoing commercialization of the firm's autoimmune tests and therapeutics promotion business.
The firm said the funding will support development of its lupus detection tools, and its acquisition of LupusCorner will support development of a lupus management platform.
The partners will conduct an exploratory study to determine how the results of Exagen's lupus test impacts primary care physician practice referral patterns.
The firm's Lab21 division will assume the commercial rights to enzyme immunoassay microtiter plates, and latex agglutination, fluorescence, and rapid lateral flow tests.