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Adaptive Biotechnologies Files for Potential $230M IPO

NEW YORK (GenomeWeb) – Adaptive Biotechnologies aims to raise up to $230 million in an initial public offering, according to documents filed yesterday with the US Securities and Exchange Commission.

The Seattle, Washington-based immunosequencing firm did not disclose an expected share price range but said it plans to trade under the symbol ADPT on the Nasdaq. Goldman Sachs, JP Morgan, Bank of America, Merrill Lynch, Cowen, William Blair, Guggenheim Securities, and BTIG will serve as underwriters of the IPO.

According to the preliminary prospectus, in fiscal year 2018, the firm recognized $55.7 million in total revenues and had a net loss of $46.4 million. As of March 31, 2019, it had $440.4 million in cash, cash equivalents, and marketable securities.

Adaptive markets a clinical immunosequencing assay called ClonoSeq, which has US Food and Drug Administration approval for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia. It also sells a research assay and service, ImmunoSeq.

Under a deal it struck with Microsoft last year, the company plans to develop an early detection test for autoimmune disorders and cancers, and it is also collaborating with Genentech to develop T cell receptor-based cell therapies.

The company plans to use the net proceeds from the IPO to fund commercial and marketing activities associated with its clinical products and services, as well as continued development of its drug discovery initiatives and investment into developing its TCR antigen map.