CardioDx IPO may fetch $86.3 million

October 16, 2013 by Arezu Sarvestani

Cali molecular diagnostics maker CardioDx files initial paperwork for an initial public offering worth up to $86.3 million.

CardioDx IPO may fetch $86.3 million

CardioDx is planning something big, although it hasn't released the full details of its upcoming initial public offering. The Palo Alto, Calif.-based genetic testing company filed preliminary documents for a maximum aggregate offering of up to $86.3 million.

CardioDx hasn't yet released details of the offering, so the number of shares and individual pricing remains a mystery, but the company has laid out its plans for how it'll spend the money it hopes to raise.

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The molecular genomics firm hopes to use some of the funds to expand its commercial efforts, including its sales and marketing workforce; to fund operations as the company pursues more insurance coverage and reimbursement; to "conduct additional clinical and marketing activities" for the company's Corus CAD blood-based gene expression test; to fund R&D activity; and for "general corporate purposes." CardioDx will later specify just the how much it plans to put toward each of those activities.

The company revealed in its latest filing that it raked in $2.5 million in revenue in the fiscal year ended Dec. 31, 2012, and that sales had already reached $2.9 million during the 1st 6 months of 2013.

Once the IPO launches, CardioDx will trade on the Nasdaq stock market under the symbol "CDX."