MDNA Life Sciences, which is developing genetic tests designed to guide treatment for cancer and endometriosis, filed on Friday with the SEC to raise up to $12 million in an initial public offering.
Because the company is planning to offer units with warrants attached, MDNA Life Sciences will be excluded from Renaissance Capital's 2022 IPO stats.
MDNA Life Sciences is in the process of developing molecular tests based on the mitochondrial genome in order to improve clinical insight and therapeutic decisions. Through its acquisition of Mitomics in 2014, MDNA has begun research and discovery of mitochondrial DNA-based biomarkers, claiming that the development and commercial application of mitochondrial DNA-based biomarkers is applicable to a wide spectrum of human diseases. The current in-development products include a potential product for prostate cancer diagnosis and a potential product for the detection of endometriosis.
The West Palm Beach, FL-based company was founded in 2014 and booked $4 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MDLS. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
