CareDX, the US-based developer of a diagnostic surveillance system for heart transplant recipients, filed for an initial public offering on Tuesday in which it will seek to raise up to $50m.
Intel Capital, semiconductor manufacturer Intel’s corporate venturing unit, holds a 10.2% stake in CareDX, while other significant shareholders include Kleiner Perkins Caufield & Byers (17%), TPG Biotech (16.5%), Sprout Capital (11.1%), Burrill & Company (9.4%), DAG Ventures (7.3%) and Integral Capital (5.6%).
CareDX plans to allocate some of the proceeds from the offering to researching its lead product, AlloMap, and how the technology can be extended to kidney transplant recipients. Additional funds will be used to expand the company’s sales and marketing team, and for general administrative expenses.
Piper Jaffray & Co. and Leerink Partners have been appointed as joint book-running managers for the proposed IPO, while Raymond James & Associates and Mizuho Securities USA are the co-managers.
Past SEC filings indicate CareDX, formerly known as Expression Diagnostics and then XDx, has raised $84.8m in and $8.2m in debt since 2003. It filed for an $86m IPO in 2007 as XDx, only to withdraw the following year citing market conditions.
The IPO filing came a few weeks after CareDX agreed to acquire California-based transplant diagnostics company ImmuMetrix for an undisclosed sum.