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Personalized Healthcare Firm NantHealth Files for IPO

NEW YORK (GenomeWeb) – Personalized healthcare firm NantHealth today announced that it has filed with the US Securities and Exchange Commission for an initial public offering.

NantHealth did not specify how much it aims to raise in the IPO or how many shares it intends to offer. The Culver City, California-based company intends to float its share on the Nasdaq Global Market under the symbol 'NH.'

The information technology company, a subsidiary of NantWorks, is developing a cloud-based, single healthcare management platform that aims to provide genomic and proteomic data at the patient level and integrate such data with information about therapies, clinical trials, and scientific research, with a focus on oncology. It currently offers a service called GPS Cancer, licensed from affiliate NantOmics, which integrates whole-genome sequencing, whole-transcriptome sequencing, and quantitative proteomics to provide oncologists with a molecular profile of a patient's specific cancer.

In its filing with the SEC, NantHealth noted that all of its sequencing and molecular analysis solutions rely on technology licensed from NantOmics, which is controlled by NantHealth Chairman and CEO Patrick Soon-Shiong. NantHealth's agreement with NantOmics expires at the end of 2020 and is subject to three potential three-year renewal options.

NantHealth also disclosed in the filing its financial results for 2015, which included $58.3 million in revenues, primarily derived from software sales and software service revenues.

The company's net loss in 2015 was $72 million, with SG&A expenses of $69 million and R&D costs of $23.8 million.

At the end of 2015, the company had cash, cash equivalents, and marketable securities totaling $7.2 million.

In late 2014, NantHealth raised $250 million through a private investment, and about eight months later received a $200 million investment from Allscripts in exchange for 10 percent of its equity. It also has deals with UK Healthcare Trust and Genomics England to analyze tumor genomes, as well as an alliance with Blue Shield of California for Eviti, its cancer treatment protocol recommendation tool.