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Castle Bio Prices IPO at $16 per Share

NEW YORK — Skin cancer test developer Castle Biosciences said today that it has priced its planned initial public offering at $16 a share, the top end of the previously disclosed range.

Friendswood, Texas-based Castle Bio said it will offer 4 million shares of its common stock and has granted the underwriters of the offering — SVB Leerink, Robert W. Baird Co., BTIG, and Canaccord Genuity — a 30-day option to purchase an additional 600,000 shares. The firm expects to gross $64.0 million through the IPO.

The company's shares are expected to begin trading on the Nasdaq today under the symbol CSTL.

Castle Bio markets two tests: DecisionDx-Melanoma for identifying high-risk Stage I and II cutaneous melanoma patients and DecisionDx-UM for identifying patients diagnosed with uveal melanoma who are at a low risk of metastasis. It is also developing assays for predicting the risk of metastasis in patients diagnosed with cutaneous squamous cell carcinoma and a test to assist physicians diagnose suspicious pigmented lesions.

Castle Bio has said it will use the proceeds of the IPO to expand its sales force and for R&D, among other things.