AltheaDx, which offers personalized genetic diagnostic tests to predict adverse drug reactions, withdrew its plans for an initial public offering on Monday.
AltheaDx had originally filed to raise $60 million (4.6 million shares at $12-$14) in mid-February and was being pitched at a fully diluted market cap of $168 million and an enterprise value of $120 million.
The San Diego, CA-based company, which was founded in 2008 and booked $17 million in sales for the 12 months ended September 30, 2014 had planned to list on the NASDAQ under the symbol IDGX. Citi and Jefferies were set to be the joint bookrunners on the deal.
AltheaDx states that the IPO would have been discretionary financing, and that "the terms currently obtainable in the public marketplace are not sufficiently attractive" to warrant going through with the offering. The company disclosed that it may decide to pursue private offerings.
Invitae (NVTA; +14%) is the one genetic testing company to have gone public this year. Others in the pipeline include RainDance Technologies (RAIN), OpGen (OPGN) and HTG Molecular (HTGM).
