MDxHealth, a Belgian provider of genomic testing products for prostate cancer, raised $45 million by offering 3.8 million ADSs at $12, above the as-converted last close of its shares on the Euronext Brussels ($11.70).
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.
MDxHealth plans to list on the Nasdaq under the symbol MDXH. Piper Sandler, Oppenheimer & Co., BTIG, and KBC Securities acted as joint bookrunners on the deal.
