MDNA Life Sciences, which is developing genetic tests designed to guide treatment for cancer and endometriosis, raised the proposed deal size for its upcoming IPO on Monday.
The West Palm Beach, FL-based company now plans to raise $13 million by offering 2.6 million units at a price range of $4.13 to $6.13. The company had most recently filed to offer 2.1 million units at a range of $4 to $6. It originally planned to offer shares, but added warrants in March. Each unit consists of one share of common stock and one warrant, exercisable at an undisclosed price. At the midpoint of the revised range, MDNA Life Sciences will raise 29% more in proceeds than previously anticipated.
Because the company plans to offer units with warrants attached, MDNA Life Sciences will be excluded from Renaissance Capital's 2023 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.
MDNA Life Sciences was founded in 2014 and plans to list on the Nasdaq under the symbol MDLS. EF Hutton is the sole bookrunner on the deal.
