Grail has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. While no pricing details were mentioned in the filing, the offering is valued up to $100 million, a number that usually is just a placeholder. The company intends to list its shares on the Nasdaq under the symbol GRAL.
The underwriters for the offering are BofA Securities, Cowen, Evercore ISI, Goldman Sachs and Morgan Stanley.
This health care company is focused on improving health by pioneering new technologies for early cancer detection. The firm has built a multi-disciplinary organization of scientists, engineers and physicians, and it is using the power of next-generation sequencing, population-scale clinical studies and state-of-the-art computer and data science to overcome one of medicine’s greatest challenges.
Using this platform technology, Grail has developed a multi-cancer early detection blood test that has demonstrated in clinical studies the ability to detect more than 50 types of cancer, across all stages, and to localize the cancer signal with a high degree of accuracy, all from a single blood draw.
Management believes that its multi-cancer early detection test, Galleri, can lead to a dramatic increase in early cancer diagnosis. The test is designed as a screening test for asymptomatic individuals over 50 years of age and is currently in late-stage development. Grail plans to launch Galleri commercially in 2021 as a laboratory developed test.
The company intends to use the net proceeds from this offering for current and future product development, including expansion of our laboratory operations, to fund ongoing and new clinical trials, for preparation for commercial launch and expansion of commercial operations, and for working capital and general corporate purposes.