Advanced Biomed, which is developing microfluidic testing equipment for early cancer screening, filed on Monday with the SEC to raise up to $150 million in an initial public offering.
Operating through Advanced Biomed (Taiwan) and Advanced Biomed HK, the company has developed a microfluidic technology platform and a series of medical testing equipment and related products for early screening and detection, diagnosis and staging, and treatment of cancer through the detection of circulating tumor cells and related tumor markers in blood samples, capture of single circulating tumor cells, and single-cell sorting and determination. Its four devices and three corresponding microfluidic biochips are designed to provide rapid and affordable assay products and services to cancer patients. Additionally, the company has finished research and development for four matching immunostaining kits and has developed a product for early screening of lung cancer. Advanced Biomed has not commenced sales of its products or generated any revenue to date.
The Tainan, Taiwan-based company was founded in 2014 and plans to list on the Nasdaq under the symbol ADVB. Univest Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
