NEW YORK – Diagnostics firm Anbio Biotechnology said on Tuesday that it has priced its initial public offering.
The Frankfurt, Germany-based company is offering 1.6 million shares of its Class A common stock at $5.00 per share for gross proceeds of $8 million. The shares are expected to begin trading Wednesday on the Nasdaq Global Market under the ticker symbol NNNN. The offering is expected to close on or about Feb. 20.
AC Sunshine Securities is the underwriter for the offering.
Anbio plans to use proceeds from the offering to expand its sales and distribution network in certain markets, to support its R&D activities, and for working capital and general corporate purposes. The company develops diagnostic tests that are used in over-the-counter, point-of-care, and laboratory settings for infectious diseases, cancer and other chronic diseases, and drugs of abuse.
The firm said that it offers a diverse portfolio of diagnostic assays and five key platforms for biomarker detection. Its testing methods include fluorescent immunochromatographic, chemiluminescent immunoassay, PCR, lateral flow assay, and loop-mediated isothermal amplification technologies. Last month, the firm launched a chemiluminescence immunoassay platform that can be used for advanced diagnostics such as stroke and Alzheimer's disease.