NantHealth, the personalised healthcare technology developer that is a spinout of US-based health technology producer NantWorks and backed by several corporates, began trading on Nasdaq yesterday raising $91m.
The company priced 6.5 million shares at $14 each. The proceeds are marginally less than the $92m the company previously aimed for when it filed in May 2016.
NantHealth is working on diagnostics technology that analyses the molecular profile of a patient’s tissue so that drugs can be prescribed more efficiently. Its lead product, Clinics, uses a combination of software, middleware and hardware to sift through billions of data points and provide information in real time.
NantHealth secured $31m from unnamed backers in 2013, according to securities filings.
Also according to the latest regulatory filing, smartphone maker Blackberry invested $10m in March 2014 and was followed by sovereign wealth fund Kuwait Investment Authority (KIA), which provided $100m in May 2014.
Pharmaceutical firm Celgene was revealed to have invested $25m in June 2014 as part of a strategic partnership, though the latest filing shows this transaction actually occurred in 2013.
In June 2014, KIA invested a further $150m which, together with its previous commitment, made up a $250m investment in NantHealth’s $320m series B round.
Healthcare IT company Allscripts purchased a 10% stake in July 2015 in return for a $200m investment. NantHealth then raised an additional $52.5m in January 2016 from unnamed investors, according to a regulatory filing.
NantHealth has granted the underwriters a 30-day option to purchase an additional 975,000 shares, which could boost proceeds by $13.65m.
Jefferies and Cowen and Company are acting as joint book-running managers, while First Analysis Securities Corporation, Canaccord Genuity and FBR Capital Markets are acting as co-managers for the offering.