Advanced Biomed, a Taiwanese developer of microfluidic testing equipment for early cancer screening, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also replaced sole bookrunner Univest Securities with Craft Capital Management and disclosed financials for the fiscal year ended June 30, 2024.
Accounting for a 5-for-1 reverse stock split effected earlier this month, the Tainan, Taiwan-based company now plans to raise $9 million by offering 1.9 million shares at a price range of $4 to $6. The company had previously filed to offer 25 million shares at a range of $4 to $5 (or 5 million shares at $20 to $25 on a split-adjusted basis). At the midpoint of the range, Advanced Biomed will raise 92% less in proceeds than previously anticipated.
Operating through Advanced Biomed (Taiwan) and Advanced Biomed HK, the company has developed a microfluidic technology platform and a series of medical testing equipment and related products for early screening and detection, diagnosis and staging, and treatment of cancer through the detection of circulating tumor cells and related tumor markers in blood samples, capture of single circulating tumor cells, and single-cell sorting and determination. Its four devices and three corresponding microfluidic biochips are designed to provide rapid and affordable assay products and services to cancer patients. Additionally, the company has finished research and development for four matching immunostaining kits and has developed a product for early screening of lung cancer. Advanced Biomed has not commenced sales of its products or generated any revenue to date.
Advanced Biomed was founded in 2014 and plans to list on the Nasdaq under the symbol ADVB. Craft Capital Management is the sole bookrunner on the deal.
