Advanced Biomed, a Taiwanese developer of microfluidic testing equipment for early cancer screening, announced terms for its IPO on Wednesday.
The Tainan, Taiwan-based company plans to raise $113 million by offering 25 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Advanced Biomed would command a market value of $563 million.
Operating through Advanced Biomed (Taiwan) and Advanced Biomed HK, the company has developed a microfluidic technology platform and a series of medical testing equipment and related products for early screening and detection, diagnosis and staging, and treatment of cancer through the detection of circulating tumor cells and related tumor markers in blood samples, capture of single circulating tumor cells, and single-cell sorting and determination. Its four devices and three corresponding microfluidic biochips are designed to provide rapid and affordable assay products and services to cancer patients. Additionally, the company has finished research and development for four matching immunostaining kits and has developed a product for early screening of lung cancer. Advanced Biomed has not commenced sales of its products or generated any revenue to date.
Advanced Biomed was founded in 2014 and plans to list on the Nasdaq under the symbol ADVB. Univest Securities is the sole bookrunner on the deal.
