Precision launches $80.5m public offering:
This article was originally published in Clinica
Precision Therapeutics, the developer of the ChemoFx test for assessing the efficiency of various cancer therapies, is aiming to raise $80.5m through a public flotation on the Nasdaq stock exchange. The Pittsburgh, Pennsylvania-based firm did not disclose the amount of shares offered or the price range expected for the IPO, but it did indicate that the proceeds would be split between expansion of ChemoFx's sales and marketing capabilities, the funding of R&D programmes and clinical studies, and general corporate expenses, including the potential expansion of laboratory facilities. Precision posted revenues of $846,000 and a net loss of $8.6m in fiscal 2006. Most recently, it recorded half year revenues of $926,000 for 2007.