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A genomic testing company that offers predictive tools for diagnosing cancer is part of the IPO slate for the week.
The IPO Terms
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Friendswood, Texas-based Castle Biosciences, Inc. proposes to offer 3.33 million shares in an IPO, according to a S-1/A filing.
The offering is expected to be priced between $14 and $16, likely raising $50 million, assuming it is priced at the mid-point of the range.
The shares of the company have been approved for listing on the Nasdaq under the ticker symbol CSTL.
SVB Leerink and Baird are the joint book-running managers for the offering, while Canaccord Genuity and BTIG are co-managers.
See Also: IPO Outlook For The Week: Biotech, Health Analytics, Sports And Solar Power
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The Company
Castle is a commercial-stage dermatological cancer company that provides physicians and their patients personalized, clinically actionable genomic information to make more accurate treatment decisions.
Its non-invasive products use proprietary algorithms to provide an assessment of a patient's specific risk of metastasis or recurrence of their cancer.
Castle's lead product DecisionDx-Melanoma is a multi-gene expression profile test that predicts the risk of metastasis or recurrence for patients diagnosed with invasive cutaneous melanoma, a deadly skin cancer. It also markets DecisionDx-UM, which predicts the risk of metastasis for patients with uveal melanoma, a rare eye cancer. Both the tests have Medicare coverage.
The company has two late-stage proprietary product candidates that are being developed for predicting cutaneous squamous cell carcinoma and suspicious pigmented lesions.
The Finances
Castle's fiscal year 2018 revenues increased year-year-year from $13.75 million to $22.79 million and its net loss narrowed from $15.31 million to $10.16 million.
For the three months ended March 31, the company reported net revenues of $8.72 million, up 138% year-over-year. The net loss narrowed from $4.49 million to $2.34 million.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.