Advanced Biomed, a Taiwanese developer of microfluidic testing equipment for early cancer screening, raised $7 million by offering 1.6 million shares at $4, the low end of the range of $4 to $6. The company offered 0.24 million fewer shares than 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 plans to list on the Nasdaq under the symbol ADVB. Craft Capital Management acted as sole bookrunner on the deal.
