Skip to main content
Premium Trial:

Request an Annual Quote

Personalis Targeting $122.7M in IPO

NEW YORK (GenomeWeb) – Personalis today filed an amended prospectus with the US Securities and Exchange Commission to price an initial public offering of 6.7 million shares of common stock at $14 to $16 per share.

The company has also granted the underwriters the right to purchase an additional 1 million shares of stock to cover any over-allotments.

If all shares are sold at $16, the offering's maximum aggregate value would be $122.7 million, Personalis said in its filing. The firm estimated that it will receive net proceeds of approximately $89.8 million, or approximately $103.8 million if the underwriters exercise their over-allotment option in full, based on an assumed IPO price of $15 per share.

The oncology genomics firm said it plans to use the proceeds from the offering to expand its research and development efforts, as well as its infrastructure, facilities, headcount, sales and marketing expenditures, public company costs, capital expenditures, and working capital. It may also use a portion of the net proceeds for acquisitions or strategic investments in complementary businesses, services, products, or technologies, the firm said.

Morgan Stanley, BofA Securities, Cowen, and Oppenheimer are listed as underwriters for the offering.

Menlo Park, California-based Personalis intends to trade on the Nasdaq Global Market under the ticker symbol PSNL on completion of the IPO.

For the year ended Dec. 31, 2018, Personalis had revenues of $37.8 million, up from $9.4 million for the prior year. Its net loss shrank year over year to $19.9 million, or $6.49 per share, from $23.6 million, or $7.78 per share. 

Personalis's universal cancer immunogenomics ImmunoID Next platform analyzes approximately 20,000 human genes, in order to offer customers a multidimensional view of the tumor and tumor microenvironment from a single sample. The company is also developing a complementary liquid biopsy assay that analyzes all human genes.

In May, the company signed a research agreement with FLX Bio to use its Next platform to evaluate therapy-related changes in tumors of advanced cancer patients treated with FLX Bio's FLX475 drug. As part of the collaboration, FLX Bio will apply the Personalis assay in a patient cohort that is part of a Phase I/II clinical trial evaluating FLX475, a CCR4 antagonist, as monotherapy or in combination with pembrolizumab.

The Parker Institute for Cancer Immunotherapy also agreed in May to use the Next platform to investigate biomarkers of response to immunotherapies in clinical trial participants. The trials include melanoma, pancreatic, and all-comer solid tumor patients treated with checkpoint inhibitors, either as monotherapy or in combination with other cancer therapies.