Cancer biotech Ignyta sets terms for $40 million IPO

Ignyta, a clinical-stage biotech developing targeted cancer therapeutics, announced terms for its IPO on Friday. The San Diego, CA-based company plans to raise $40 million by offering 4.4 million shares at $9.10. At that price, Ignyta would command a fully diluted market value of $172 million. Ignyta was founded in 2011 and plans to list on the NASDAQ under the symbol RXDX. Its is currently traded on the OTC market under the same ticker. Leerink Partners is the sole bookrunner on the deal. It is expected to price the week of March 10.