NantHealth, the personalised healthcare technology offshoot of US-based health technology developer NantWorks that is also backed by several corporates, filed for a $92m initial public offering on Nasdaq on Friday.
NantHealth is developing diagnostics technology that can be tailored for the molecular profile of an individual’s tissues so that medicine can be prescribed more accurately.
The company’s lead product, Clinics, combines software, middleware and hardware systems to gather, organise and analyse billions of molecular, clinical, operational and financial data points, supplying information in real time.
The company raised $31m from unnamed investors in 2013, according to regulatory filings, before adding $135m from smartphone maker Blackberry and Kuwait Investment Authority (KIA), which reportedly invested $100m, in May 2014.
Pharmaceutical company Celgene invested $25m the following month as part of a collaboration agreement, before NantHealth closed a $320m series B round the following month that included $250m from KIA.
Healthcare IT company Allscripts paid $200m for a 10% stake in the company in July 2015, and according to a securities filing it raised a further $52.5m in January this year.
NantWorks made a $72m net loss in 2015 from revenues of $58.3m, down from its 2014 loss of $84.6m, which was derived from $33.9m in revenue.
Jefferies and Cowen and Company have been appointed joint book-running managers for the IPO. First Analysis Securities Corporation and FBR Capital Markets are serving as co-managers.