Sera Prognostics, which develops diagnostic tests for pregnancy complications, announced terms for its IPO on Thursday.
The Salt Lake City, UT-based company plans to raise $75 million by offering 4.7 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Sera Prognostics would command a fully diluted market value of $564 million.
Sera Prognostics uses its proprietary proteomics and bioinformatics platform to develop pregnancy and other women's health biomarker tests. The company's commercial product, the PreTRM test, is the only broadly validated, commercially available blood-based biomarker test that accurately predicts the risk of a premature delivery. The test is given to pregnant women during weeks 19 or 20 of gestation and provides a prediction of the mother's risk of delivering spontaneously before 37 weeks. The company reports that health insurance company Anthem (NYSE: ANTM) will make the PreTRM test available to eligible members as part of a multi-year contract.
Sera Prognostics was founded in 2008 and plans to list on the Nasdaq under the symbol SERA. Citi, Cowen, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
