Breathe BioMedical, a Canadian medical technology company developing a breath test for breast cancer, announced terms for its IPO on Friday.
The Moncton, Canada-based company plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Breathe BioMedical would command a fully diluted market value of $54 million.
Breathe BioMedical is focused on developing a breath test to be used as an adjunctive test to mammography screening to detect early-stage breast cancer in women with dense breast tissue. Over the next two years, the company has verification and validation studies, as well as a large multi-center clinical study planned to evaluate the safety and efficacy, for the various components of its Breast Cancer Breath Test. It is currently conducting a proof-of-concept study, for which data collection will be completed in 3Q24. Breathe BioMedical anticipates the completion of the components, the Breast Cancer Breath Test, and the verification and validation studies in 2025 with a pivotal trial in 2026 to support a marketing authorization application in the US in 2027, subject to discussion with the FDA.
Breathe BioMedical was founded in 2005 and plans to list on the Nasdaq under the symbol BRTH. Maxim Group LLC is the sole bookrunner on the deal.
