Perspectum, a UK-based diagnostics technology developer backed by several Blue Cross Blue Shield health insurers, filed on Friday to raise up to $75m in an initial public offering on the Nasdaq Global Select Market.
Spun out of University of Oxford in 2012, Perspectum has built a medical imaging software tool designed to help healthcare providers diagnose metabolic disorders and cancers.
The company intends to use the IPO proceeds and $23.3m of cash on hand to develop new products focused on diabetes and kidney disease while expanding its presence in the US market. Citigroup, Barclays, Stifel and Canaccord Genuity have been appointed joint book-running managers for the offering.
Blue Venture Fund, a vehicle that invests on behalf of the 35 members of the Blue Cross Blue Shield Association, co-led Perspectum’s $36m series B round in April 2020 with growth capital firm HealthQuest Capital, investing alongside Oxford Science Innovation, Puhua Capital, University of Oxford and Li-Fa Global Investments.
Family office Westgrove Partners owns the largest stake in the company (8.3%), followed by Blue Venture Fund and HealthQuest Partners III with 7.9% each. Oxford Sciences Innovation (6.3%) and the Chancellor, Masters and Scholars of the University of Oxford (6%) are also among its notable shareholders.
