A genomic testing company that offers predictive tools for diagnosing cancer is part of the IPO slate for the week.
The IPO Terms
Friendswood, Texas-based Castle Biosciences, Inc. proposes to offer 3.33 million shares in an IPO, according to a S-1/A filing.
The offering is expected to be priced between $14 and $16, likely raising $50 million, assuming it is priced at the mid-point of the range.
The shares of the company have been approved for listing on the Nasdaq under the ticker symbol CSTL.
SVB Leerink and Baird are the joint book-running managers for the offering, while Canaccord Genuity and BTIG are co-managers.
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Castle is a commercial-stage dermatological cancer company that provides physicians and their patients personalized, clinically actionable genomic information to make more accurate treatment decisions.
Its non-invasive products use proprietary algorithms to provide an assessment of a patient’s specific risk of metastasis or recurrence of their cancer.
Castle’s lead product DecisionDx-Melanoma is a multi-gene expression profile test that predicts the risk of metastasis or recurrence for patients diagnosed with invasive cutaneous melanoma, a deadly skin cancer. It also markets DecisionDx-UM, which predicts the risk of metastasis for patients with uveal melanoma, a rare eye cancer. Both the tests have Medicare coverage.
The company has two late-stage proprietary product candidates that are being developed for predicting cutaneous squamous cell carcinoma and suspicious pigmented lesions.
Castle’s fiscal year 2018 revenues increased year-year-year from $13.75 million to $22.79 million and its net loss narrowed from $15.31 million to $10.16 million.
For the three months ended March 31, the company reported net revenues of $8.72 million, up 138% year-over-year. The net loss narrowed from $4.49 million to $2.34 million.
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