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Molecular Dx Company XDx Files IPO Papers; Funds May Pay for Acquisitions

NEW YORK (GenomeWeb News) — Molecular diagnostics company XDx has filed an initial public offering prospectus with the US Securities and Exchange Commission.
XDx, which develops diagnostics for immune-mediated disorders in patients who require long-term monitoring, said it plans to use the funds generated by the offering to expand infrastructure, propel R&D to support current and future tests, increase sales, marketing, and research staff, and expand facilities.
The Brisbane, Calif.-based company may also use the proceeds to expand through acquisitions or through investments in other businesses or technologies, it said.
The company launched its first test, the AlloMap HTx molecular expression test, in January 2005. The test, which costs $2,950, is designed to monitor heart transplant recipients for acute cellular rejection.
The company said it is also in the process of developing a second gene expression-based test, the AlloMap LTx molecular expression test, which would monitor lung transplant recipients for acute cellular rejection.
XDx is also designing a clinical study to create a gene-expression test to monitor for disease flares in patients with systemic lupus erythematosus, and “intend[s] to pursue tests to monitor other immune-mediated conditions with significant unmet medical needs with the goal of making our genomic-based tests standard diagnostic procedures,” the company said in the SEC filing. 
XDx said in the filing that it has not yet determined the number of shares it will make available or the price at which they will be offered. Also, it said that its filing has not yet become effective with the SEC.
The offering is being underwritten by JP Morgan, Morgan Stanley, Piper Jaffray, and JMP Securities, according to the SEC filing.
XDx was formed in 1998 as Hippocratic Engineering. It was renamed Expression Diagnostics in 2002, and renamed again as XDx in July of this year.
Additional information can be found in the SEC filing here.