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Sophia Genetics Files for $100M IPO, Inks Cancer Data Deal With GE Healthcare

This story has been updated to include quarterly financial information.

NEW YORK – Sophia Genetics is looking to raise up to $100 million in an initial public offering, according to a registration statement filed Friday with the US Securities and Exchange Commission. The firm has not disclosed the number of shares it will offer or the IPO price range.

The bioinformatics company, with twin headquarters in Saint-Sulpice, Switzerland, and in Boston, will trade on the Nasdaq Global Select Market under the ticker symbol SOPH. J.P. Morgan, Morgan Stanley, Cowen, and Credit Suisse are serving as joint bookrunning managers for the offering. 

To date, Sophia has raised at least $251 million in private equity, most recently in a $110 million Series F round that closed in October. The Swiss-American company offers a core genomic analytics platform called Data Driven Medicine, or DDM, to support all of its analytics pipelines, and builds components including artificial intelligence technology for predicting variant pathogenicity.

In its SEC filing, the firm reported nearly $9 million in revenues during the first quarter of 2021. That is 20 percent higher than the $7.5 million booked in the same period a year earlier.

Sophia had a net loss of close to $12.7 million in Q1, compared to a loss of $10.5 million in the year-earlier quarter.

As of March 31, the company had $57.1 million in cash and equivalents.

Sophia also announced Tuesday that it has signed a letter of intent with GE Healthcare to codevelop new artificial intelligence-driven analytics and workflow technologies to improve the matching of treatments based on genetic and tumor profiles of cancer patients.

The partners will build on GE Healthcare's existing wide range of medical imaging and monitoring technologies and Edison data aggregation platform, as well as Sophia's core DDM analytics platform. The firms said that they hope to break down data silos between imaging instruments and care sites that hinder the deployment of true precision cancer care.

"The integration of genomics-based artificial intelligence into oncology workflow solutions would be a major breakthrough for integrated cancer medicine and for future clinical research, which increasingly depend on the ability to select those patients most likely to respond to new therapies," Jan Makela, president and CEO for imaging at GE Healthcare, said in a statement.

"Cancer patients will be able to receive equal access to better diagnoses and treatments through secure data pooling and knowledge sharing, unlocking the promise of data-driven medicine at scale," Sophia Genetics cofounder and CEO Jurgi Camblong added.

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