A report by San Francisco Business Times said CardioDx Inc would be seeking to raise USD86.25 million in its planned public listing. The molecular diagnostic test developer pioneered the Corus CAD, a heart disease test product that had brought in USD2.9 million in revenue for the company, according to a Securities and Exchange Commission filing on Friday.
The filing also indicated that proceeds from the initial public offering would be used towards the expansion of its commercial organization. The proceeds would also help CardioDX cover operating losses resulting from insurers who refuses to pay for the tests. CardioDx in the filing had said its had accumulated USD165.9 million in deficit and would continue in the next few years.
It has also planned to move its headquarters from Palo Alto to Redwood City by June of next year. CardioDX also had plans to work on new research and development and clinical work.
CardioDx's backers included TPG Biotechnology Partners, Mohr Davidow Ventures, Pappas Life Science Ventures and Kleiner Perkins Caufield & Byers.
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