iSpecimen, which provides an online marketplace platform for biospecimen procurement, announced terms for its IPO on Monday.
The Lexington, MA-based company plans to raise $20 million by offering 2.2 million shares at a price range of $8 to $10. At the midpoint of the proposed range, iSpecimen would command a fully diluted market value of $57 million.
The company hopes to accelerate life science research and development with a global marketplace platform that connects researchers to subjects, specimens, and associated data. Its current customer base is primarily comprised of three main segments: biopharmaceutical companies, in vitro diagnostic companies, and government/academic institutions. As of December 31, 2020, there were more than 3,800 external registered users on the iSpecimen Marketplace platform, representing more than 1,600 unique internet domains.
iSpecimen was founded in 2009 and booked $8 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ISPC. ThinkEquity is the sole bookrunner on the deal.
