Progenity sets terms for Nasdaq IPO
Biotech firm Progenity set terms for its proposed initial public offering on Monday, stating it plans to offer 6.7m shares at a price of $14-16 each.
Progenity applied to list on the Nasdaq Composite, with Piper Sandler, Wells Fargo, Baird, Raymond James and BTIG all acting as underwriters on the deal.
The firm will use the proceeds to fund research and development funding and for working capital and general corporate purposes.
"We are a biotechnology company with an established track record of success in developing and commercialising molecular testing products as well as innovating in the field of precision medicine," said Progenity's prospectus.
"We believe that we are a market-leading provider of in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making critical and timely medical decisions during various life stages, such as family planning, pregnancy, or navigating a complex disease diagnosis."