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Oncology diagnostics developer Accustem Sciences (OTCQB:ACUT) filed to list its shares on Nasdaq and raise $11 million.
Accustem said in a presentation that it was looking to offer 1.5 million shares to the assumed price of $7.44, which could probably change. Underwriters would have a 45-day option to purchase up to an additional 222,000 shares. Think Equity serves as the lead book broker.
The company intends to list its shares on Nasdaq under the symbol ACUT. Its shares are currently traded OTC under the same symbol. Accustem also plans to do a 1-for-6 reverse stock split before the deal.
Based in New York, Accustem is developing genomic tests for cancer. Its lead product, StemPrintER, is used to predict the risk of distant recurrence in people with ER+/HER2- breast cancer.
The company is yet to generate revenue and reported a net loss of $2.8 million for the nine-month period ended September 30. It first announced plans to go public in November, indicating it was looking to raise $10 million.
Accustem is the third biotech company to bid this week, after Mineralys Therapeutics (MLYS) and Squarex Pharmaceuticals (SQRX). On Friday, Cadrenal Therapeutics (CVKD) held its IPO, raising $7 million.
