A health care company, which develops diagnostic testing products for autoimmune disease, is eyeing a public listing this week.
The IPO Terms
Vista, California-based Exagen Inc. is planning to offer 3.33 million shares of its common stock in an IPO at an estimated price range of $14 and $16, according to the amendment to the preliminary prospectus filed with the SEC.
At the mid-point of the estimated price range, the offering is expected to raise gross proceeds of $49.95 million.
Exagen said it intends to use the net proceeds for selling & marketing activities and R&D activities and for working capital purposes and other general corporate purposes.
The company has applied for listing its shares on the Nasdaq under the ticker symbol XGN.
Cowen, Cantor and William Blair are the joint book-running managers for the offering.
The Company
Exagen operates with the objective of enabling rheumatologists to do timely differential diagnosis and to optimize therapeutic intervention for autoimmune and autoimmune-related diseases, including systemic lupus erythematosus, or SLE.
The company has a portfolio of innovative testing products under its AVISE brand, which are mostly based on its proprietary Cell-bound Complement Activation Products, or CB-CAPs technology.
It's lead testing product AVISE CTD helps diagnosis of a wide variety of connective tissue diseases, thereby providing clinical utility for over 23 million patients in the U.S. suffering from diseases including SLE, rheumatism, Sjögren's syndrome, antiphospholipid syndrome, other autoimmune-related diseases such as autoimmune thyroid, and other disorders that mimic these diseases, such as fibromyalgia.
Since the launch of AVIDE CTD in 2012, the company has delivered over 326,000 these tests, which translates a CAGR of 87%.
The Finances
Exagen reported fiscal year 2018 revenues of $32.44 million, which has been revised to account for the adoption of ASU 2014-09, Revenue from Contracts. This compares to $26.81 million in 2017. For the six months ended June 30, 2019, the company reported revenues of $19.73 million, up 35.4% year-over-year.
Net loss for 2018 widened from $18.48 million to $32.77 million.
The company reported a net loss of $9.79 million for the six months ended June 30, 2019, largely unchanged from the same period last year.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
