Castle Biosciences, which sells genetic tests used to diagnose skin cancers, announced terms for its IPO on Monday.
The Friendswood, TX-based company plans to raise $50 million by offering 3.3 million shares at a price range of $14 to $16. Insiders intend to purchase $15 million worth of shares in the offering. At the midpoint of the proposed range, Castle Biosciences would command a fully diluted market value of $259 million.
Castle Biosciences was founded in 2007 and booked $28 million in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol CSTL. SVB Leerink and Baird are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2019.
