US-based biomarker detection instrument developer Quanterix has filed to raise up to $57.5m in an initial public offering that would allow diagnostics equipment makers BioMerieux and Stratec Biomedical to exit.
Quanterix has created an immunoassay platform that can find protein biomarkers in fluids such as blood or serum, even in low concentrations. It plans to put the IPO proceeds into growing its commercial activities, including the launch of its Quanterix SR-X instrument in 2018.
Additional cash will go to improving the company’s Simoa technology and expanding its manufacturing capacity as part of a move to a larger headquarters.
Quanterix has raised $106m in funding since it was founded in 2007, having closed a $54.5m series D round in August this year after funds and accounts advised by investment firm T. Rowe Price Associates led an $8.5m private placement.
Arch Overage Fund, Cormorant Asset Management, Trinitas Capital, Arch Venture Partners, Bain Capital Ventures, Hercules Capital, Tufts University and individual investor David Walt had supplied the initial $46m in March 2016.
BioMerieux put up $15m of the $18.5m of series C funding Quanterix raised in 2012, investing alongside Arch Venture Partners, Bain Capital Ventures, Flagship Ventures and In-Q-Tel. It provided another $7m in 2015 as part of a joint development agreement.
BioMerieux has a 12.2% stake in the company. Stratec acquired a 7% share of Quanterix in 2011 through a joint development agreement, and the number of shares it took would equate to a stake of about 3.7% today.
Arch Venture Partners is Quanterix’s largest shareholder, with a 21.8% stake, while other notable investors include Bain Capital (12.7%), Flagship Ventures (12.1%), Trinitas Innovation (5.1%) and Cormorant Global Healthcare Fund (5%).
JP Morgan Securities, Leerink Partners, BTIG and Evercore Group have been appointed underwriters for the offering.