Renaissance Capital logo

Breast cancer diagnostics provider Agendia withdraws $75 million IPO

September 9, 2022

Agendia, which provides genetic tests designed to guide optimal treatments for breast cancer, withdrew its plans for an initial public offering on Friday. It originally filed in October 2021 with a proposed deal size of $75 million. The company had not provided an update since then.

The commercial-stage company offers two proprietary tests, MammaPrint and BluePrint, which isolate RNA from tumor tissue to measure gene expression in the most relevant genes for various insights for physicians. Its tests aim to predict the likelihood of recurrence, inform physicians regarding the decision to pursue adjuvant chemotherapy and endocrine therapy, and provide information on breast cancer molecular subtypes (Luminal, HER2, Basal).

The Irvine, CA-based company was founded in 2003 and booked $61 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol AGDX. Goldman Sachs, Citi, Cowen, and Stifel were set to be the joint bookrunners on the deal.