Acutus Medical priced its IPO in August, securing $159 million to support work on the diagnosis and treatment of cardiac arrhythmias. Venous disease specialist Inari Medical pulled off an upsized IPO later in May and was joined on Nasdaq by kidney disease diagnostic player RenalytixAI in July. Lyra Therapeutics became the first medtech company to list on Nasdaq in 2020 at the start of May, when it raised $56 million to develop products based on its bioresorbable polymeric matrix technology. The rhythm of IPOs in the broader medtech industry in 2020 has followed a similar pattern to that of the cancer testing niche. Biodesix also provides COVID-19 molecular and serology tests. Earlier this month, Biodesix filed to raise $75 million to support commercialization of a roster of blood-based tests designed to assess the risk of lung cancer and measure tumor mutations and assess the patient’s immune system after a diagnosis. Progenity has had a similar experience, pricing at $15 but spending most of its time on public markets below $10.Ĭompanies remain interested in going public, though. Genetron, in contrast, has rarely traded close to its $16 offering price and closed last week at $11.51. As it stands, Burning Rock’s stock has fared best, typically trading around $10 above its $16.50 offering price. The cancer testing companies that did go public have had mixed fortunes.
The takeover is yet to close but as it stands Grail is set to rejoin its parent company rather than list on Nasdaq. The cancer diagnostics sector was deprived of a showpiece 2020 IPO when Illumina made an offer to buy Grail weeks after the screening business filed to go public. The IPO was aborted when ArcherDX agreed to accept a cash-and-stock buyout bid from Invitae. provider of prenatal and cancer risk tests, priced its IPO at the midpoint of the range on the same day as Genetron listed.Īmid that activity, ArcherDX filed to raise $100 million to bring its tumor profiling test to market. The next week, Genetron, another Chinese cancer testing business, smashed its target range and upsized its offering. Buoyed by strong support from existing investors, Burning Rock, a Chinese cancer diagnostics company, priced an IPO above the target range. Outset is a terrific example of the kind of company OSU is proud to partner with, one that improves peoples’ lives while driving the creation of jobs, truly maximizing our impact.The tide turned in June when a flurry of cancer diagnostic companies went public. “They are now targeting and focusing investment in it over the next year to see if we can get it to a price point that works for the market. “It’s essentially a small-scale, efficient, water purification technology that would allow the use of tap water in dialysis as opposed to gallons and gallons of pre-purified water, expanding capabilities in developing countries,” said Brian Wall, associate vice president of research, innovation and economic impact at Oregon State. Outset continues to contract with Oregon State on the refinement of the heat exchanger technology.
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Oregon State and the company transformed the option deal into a full IP license in 2008, and between 20 the company secured private investments of more than $300 million.
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The almost 10.3 million shares in Outset Medical bore an opening price of $27 on the Nasdaq and saw their value double in two days.įounded in 2003 as Home Dialysis Plus and securing an option to OSU intellectual property the following year, Outset Medical now makes the Tablo system of hemodialysis – blood pumped out of the body to an artificial kidney machine.ĭuring and after the company’s founding, multiple faculty from OSU’s colleges of Engineering and Science served as researchers and consultants, including Brian Paul, Goran Jovanovic, Todd Miller, Vince Remcho and the late Richard Peterson, on the core Oregon State IP: microchannel dialyzers and a microchannel heat exchanger. – A medical technology company founded on Oregon State University intellectual property has become the first OSU spinout to go public, raising nearly $278 million in its initial public offering.
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