AccuStem Sciences, which is developing a genomic test for early stage breast cancer, filed on Thursday with the SEC to raise up to $10 million in an initial public offering. The company is currently listed on the OTC (ACUT) and has a market cap of approximately $10 million.
If the company prices its Nasdaq uplisting at a market cap of less than $50 million, AccuStem Sciences will be excluded from Renaissance Capital's 2022 IPO stats.
The company's primary product candidate is StemPrintER, a 20-gene prognostic assay intended to predict the risk of distant recurrence in luminal (ER+/HER2-negative) breast cancer patients. StemPrintER has been validated in several clinical cohorts and studies, the largest of which are a consecutive series of approximately 2,400 patients from the European Institute of Oncology and approximately 800 patients from the TransATAC study. AccuStem believes StemPrintER has met the minimum threshold for commercialization and plans to launch the product once it has achieved key milestones, which it anticipates taking at least 18 months. The company has yet to generate revenue.
The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol ACUT. AccuStem Sciences filed confidentially on July 29, 2022. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
