MDxHealth, a Belgian provider of genomic testing products for prostate cancer, filed on Wednesday with the SEC to raise up to $30 million in an initial public offering. The company is currently listed on the Euronext Brussels (MDXH).
MDxHealth is a commercial-stage precision diagnostics company that provides novel prostate cancer genomic testing solutions, SelectMDx (a liquid biopsy test for men being considered for their first prostate biopsy) and ConfirmMDx (an epigenetic test for men post-prostate biopsy). Its lead products address men at risk for developing prostate cancer, but the company is also actively developing testing solutions to help with the management of men diagnosed with prostate cancer. Since the commercial launch of ConfirmMDx in 2012 and SelectMDx in 2016, the company has performed over 200,000 tests ordered by more than 1,000 practicing urologists in the US. ConfirmMDx has been covered by Medicare since 2014, and while SelectMDx test currently is not, a draft foundational local coverage determination supporting the clinical utility of this test was issued in May 2021 which, if finalized, is expected to support Medicare coverage of both SelectMDx and ConfirmMDx for qualified Medicare patients throughout the US.
The Herstal, Belgium-based company was founded in 2003 and booked $19 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol MDXH. MDxHealth filed confidentially on August 9, 2021. Piper Sandler, Oppenheimer & Co., BTIG, and KBC Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
