Progenity, which provides in vitro molecular diagnostic products for a variety of indications, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Progenity's current suite of products includes chromosomal and monogenic prenatal tests, preconception and early pregnancy tests, hereditary cancer screens, and anatomic and molecular pathology tests. Since inception, the company has provided approximately 1.5 million tests in the US with strong growth in test volume, but it is currently observing a slowdown as a result of the COVID-19 pandemic.
The San Diego, CA-based company was founded in 2011 and booked $113 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol PROG. Progenity filed confidentially on December 19, 2019. Piper Sandler, Wells Fargo Securities, Baird, Raymond James, and BTIG are the joint bookrunners on the deal. No pricing terms were disclosed.
