Signal Genetics, which develops and sells cancer diagnostics, lowered the proposed deal size for its upcoming IPO on Wednesday. The New York, NY-based company now plans to raise $10 million by offering 900,000 shares at a price range of $10 to $12. The company had previously filed to offer 2.3 million shares at the same range. At the midpoint, it will raise 60% fewer in proceeds than previously anticipated and command a market cap of $39 million, which is below our market cap requirement of $50 million. As such, the deal has been excluded from our IPO stats.
Signal Genetics, which was founded in 2010 and booked $4 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol SGNL. Signal Genetics initially filed confidentially on Noevember 12, 2013. Aegis Capital is the sole bookrunner on the deal. It is expected to price during the week of June 9, 2014.
