SOPHiA Genetics plans to raise $234 million in IPO

SOPHiA Genetics disclosed on Monday in a US Securities and Exchange Commission filing that it intends to raise $234 million in its initial public offering (IPO) of 13 million shares at a price range of $17 to $19 per share. At the midpoint of this range, SOPHiA would command a fully diluted market value of $1.2 billion. The IPO, which was registered earlier this month, is expected to price during the week of July 22.

SOPHiA added that it plans to raise an additional $20 million in a concurrent private placement to a GE Healthcare affiliate. Earlier this month, GE Healthcare and SOPHiA announced collaboration plans to refine personalised cancer care with genomics-based artificial intelligence (AI). The partnership involves combining data from GE Healthcare's Edison platform and SOPHiA's DDM "software-as-a-service" genomic insights platform and related solutions in order to create AI-based analytics and workflow solutions for the clinical and biopharma markets.

Last October, SOPHiA raised $110 million in an oversubscribed Series F funding round co-led by Hitachi Ventures and aMoon. At the time, SOPHiA indicated that the funds would be used to enter into the next stage of its global expansion, focusing on the "growing clinical and biopharma demand" for data-driven medicine. More recently, SOPHiA and Hitachi entered into a long-term partnership to use multimodal health data in order to advance data-driven precision medicine.

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