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Cancer diagnostics company MDNA Life Sciences sets terms for $11 million IPO

October 21, 2022

MDNA Life Sciences, which is developing genetic tests designed to guide treatment for cancer and endometriosis, announced terms for its IPO on Friday. In its latest filing, the company also disclosed financials for the nine months ended June 30, 2022, and disclosed that it plans to offer shares only. It previously filed to offer units with warrants attached.

The West Palm Beach, FL-based company plans to raise $11 million by offering 2.1 million shares at a price range of $4 to $6. At the midpoint of the proposed range, MDNA Life Sciences would command a market value of $37 million.

Because the company's post-IPO market cap is expected to be less than $50 million, MDNA Life Sciences will be excluded from Renaissance Capital's IPO stats.

MDNA Life Sciences is in the process of developing molecular tests based on the mitochondrial genome in order to improve clinical insight and therapeutic decisions. Through its acquisition of Mitomics in 2014, MDNA has begun research and discovery of mitochondrial DNA-based biomarkers, claiming that the development and commercial application of mitochondrial DNA-based biomarkers is applicable to a wide spectrum of human diseases. The current in-development products include a potential product for prostate cancer diagnosis and a potential product for the detection of endometriosis.

MDNA Life Sciences was founded in 2014 and booked $3 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol MDLS. EF Hutton is the sole bookrunner on the deal.