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CardioDx Sets Price Range on Planned IPO

NEW YORK (GenomeWeb News) – CardioDx today set the price range on its planned initial public offering and raised the maximum proposed aggregate offering price to $92.0 million.

In its amended Form S-1 filed with the US Securities and Exchange Commission, the Palo Alto, Calif.-based cardiovascular molecular diagnostics firm said it anticipates offering 5 million shares of its common stock at between $14 and $16 per share.

The maximum proposed aggregate offering price of $92.0 million was raised from an $86.3 million figure that CardioDx cited in its original Form S-1 filed last month.

Net proceeds from the offering at the midpoint price of $15 per share are anticipated to be about $66.9 million, or $77.3 million if the offering's underwriters exercise their option to purchase an additional 750,000 shares in full, the company said.

CardioDx plans to list its shares on the Nasdaq Global Market under ticker symbol "CDX." The offering's underwriters are Bank of America Merrill Lynch; Jefferies; Piper Jaffray; and William Blair.

The company said recently that it ended the first nine months of 2013 with $5.1 million in revenues, up from $914,000 a year ago. It did not break out its earnings on a quarterly basis, but CardioDx had earlier said that revenues through the first six months of the year totaled $2.9 million, compared to $466,000 in the year-ago period, and translating to third quarter revenues of $2.2 million, compared to $448,000 from a year ago.