Indian diagnostics company Thyrocare, which touts itself as "the world's largest thyroid testing laboratory," is planning an IPO on the Indian stock market by the end of June with hopes of raising $85 to $100 million.
Only one out of a potential of 5 med tech IPOs has gotten out this week, but it has done so with style. Invitae raised $102 million in an IPO that priced above its range and was upsized. It's a sign that life sciences investors remain picky amid a sea of med tech IPO offerings, as a number of neglected companies rush to the exits.
Three med techs are preparing to make their market debut this week: drug metabolic test maker AltheaDx and cardiovascular plaque imaging and treatment company Infraredx, both of which were initially expected last week, as well as Invitae, AutoGenomics and Bellerophon Therapeutics.
FierceBiotech is co-hosting an invitation-only event (there's no charge) with One Nucleus at the Queen Mary Innovation Centre in London to discuss how the year ahead is shaping up in the British biotech financing scene.
Drug delivery specialist Zosano Pharma raised $50 million in its IPO Tuesday. It sold 4.5 million shares. The stock ended the day up 2 cents from its initial price of $11. The company is primarily known for its lead product, a transdermal treatment for severe osteoporosis delivering the drug teriparatide, now in Phase III.
Australia's PhytoTech Medical last week became the country's first medical marijuana company to first be listed on the country's Australian Securities Exchange, where it raised AUS $5.9 million ($4.7 million) in support of its single-use vaporizer to administer medical marijuana at a precise dosage.
A rising tide lifts all boats--that might be the most oft-repeated cliché to sum up market sentiment in the life sciences for the last few years. Biotech performance has been very, very good for three years, and med tech performance, while nowhere near as stellar, has been on its own upward trajectory as investors look for a safer way to make money in healthcare.
On Jan. 14, the Animal Health Institute announced that spending by Americans on drugs for animals remained flat at $7.5 billion from 2012 to 2013, the most recent year for which figures are available.
Venture-backed medical device and diagnostics companies are benefiting from a groundswell of investor interest in life sciences that has been spearheaded by great biotech returns for the last several years.
2014 was a big year for medical device companies, with 25 companies filing for IPOs, compared to a mere four the year before.