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IsoPlexis Raises $125M in IPO

NEW YORK – Single-cell proteomics firm IsoPlexis went public Friday, raising $125 million through its initial public offering.

The Branford, Connecticut-based company offered 8,333,000 million shares at $15 per share. It begins trading today on the Nasdaq under the ticker symbol "ISO."

The underwriters for the offering have a 30-day option to acquire an additional 1,249,950 shares of common stock at the IPO price. Morgan Stanley, Cowen, Evercore ISI, and SVB Leerink are lead bookrunning managers for the offering.

IsoPlexis' IsoLight and IsoSpark systems use microchips featuring arrays of thousands of microchambers that isolate individual cells from samples of interest. These chambers are then sealed with a slide patterned with groups of antibodies in a number of different spatially isolated lines. This allows the researchers to identify proteins based on the color of fluorescence produced upon binding and the location on the slide where the binding event occurs. In this way, they can multiplex well beyond the levels allowed by fluorescence readout alone.

The company said that its platform has been adopted by the top 15 global biopharma firms and nearly half the comprehensive cancer centers in the US for drug development work and guiding patient therapy, particularly with cancer immunotherapies.

According to its IPO filing with the US Securities and Exchange Commission, IsoPlexis has placed 150 of its systems globally as of June 30. It generated full-year 2020 revenues of $10.4 million, up 39 percent year over year from $7.5 million. Its net loss for 2020 was $23.3 million versus $13.6 million the prior year.