Nuclear therapy biotech Advanced Accelerator Applications files for a $100 million IPO

Advanced Accelerator Applications, which sells PET scan imaging tracers and is developing a treatment for a rare tumor, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

The company's lead therapeutic candidate uses molecular nuclear medicine (MNM) and is in Phase 3 trials for for midgut neuroendocrine tumors (NETs). Advanced Accelerator Applications claims its drug represents a significant unmet medical need and has received orphan drug designation from the European Medicines Agency and the US FDA. It currently generates revenue from its branded PET and SPECT scan tracers used as imaging agents.

Lantheus Holdings (LNTH), which sells medical imaging agents used in the diagnosis of cardiovascular diseases, set terms to go public in July but postponed its IPO and just recently refiled with blank terms.

The Saint Genis Pouilly, France-based company, which was founded in 2002 and booked $83 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol AAAP. Advanced Accelerator Apps initially filed confidentially on August 4, 2014. Citi and Jefferies & Co. are the joint bookrunners on the deal. No pricing terms were disclosed.