AccuStem Sciences, which is developing a genomic test for early stage breast cancer, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $11 million by offering 1.5 million shares at $7.44, the as-converted January 12 close of its shares on the OTCQB (ACUT). At the proposed price, AccuStem Sciences would command a fully diluted market value of $25 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, AccuStem Sciences will be excluded from Renaissance Capital's 2023 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.
AccuStem Sciences was founded in 2020 and plans to list on the Nasdaq under the symbol ACUT. ThinkEquity is the sole bookrunner on the deal.
