US-based genetic information technology developer Invitae Corporation filed for an initial public offering on the New York Stock Exchange on Friday, and plans to raise up to $86.3m.
Set up in 2012 as a subsidiary of clinical services company Genomic Health, Invitae is working on turning available genetic tests into a single system that would be faster, cheaper and of a higher quality than most current single-gene diagnostic tests.
Invitae currently focuses on hereditary cancers but its ultimate goal is to bring genetic information into mainstream medical practice. Proceeds from the offering will be used for research and development, equipment and laboratory capacity, sales and marketing.
Genomic Health currently holds a 9% stake in the company. Baker Brothers Life Sciences owns a 20.6% share, BlackRock 17% and Thomas, McNerney & Partners 15.2%.
J.P. Morgan Securities is the sole book-running manager for the offering, while Cowen and Company and Leerink Partners are also serving as underwriters.
Invitae has raised approximately $207m in equity funding in total. It most recently closed a $120m series F round in October 2014 backed by investors including Genomic, Thomas McNerney, Broe Group, Decheng Capital, Deerfield Management, OrbiMed, Perceptive Advisors, Rock Springs Capital, Wellington Management, Casdin Capital, Genesys Capital and Redmile Group.