Esophageal Cancer Testing Firm Lucid Diagnostics Files For IPO

Original from: Genomeweb

Lucid Diagnostics on Thursday announced a proposed initial public offering of its common stock.

The number of shares to be offered and the price range for the offering have not yet been determined, Lucid said.

In its Form S-1 filed Wednesday with the US Securities and Exchange Commission, the New York-based company said it intends to list on the Nasdaq under the ticker symbol "LUCD." 

The joint bookrunning managers for the offering are Cantor Fitzgerald and Canaccord Genuity, and BTIG and Needham are the co-lead managers.

Lucid Diagnostics markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for the early detection of esophageal precancer and cancer. The tools are used for the detection of gastroesophageal reflux disease, also known as chronic heartburn and acid reflux, in patients at risk of developing esophageal precancer and cancer, specifically esophageal adenocarcinoma.

EsoGuard is commercialized in the US as a laboratory developed test and was granted final Medicare payment determination of $1,938.01, effective Jan. 1. EsoCheck is commercialized as a US Food and Drug Administration 510(k)-cleared esophageal cell collection device.

In 2018, the firm entered into a license with Case Western Reserve University, which granted it an exclusive worldwide license to the intellectual property rights of the technologies underlying EsoGuard and EsoCheck.

In more than three years since its inception, the company has moved the technologies underlying EsoGuard and EsoCheck from the academic research laboratory to commercial products within a scalable business model, Lucid said in its SEC registration. 

For the six months ended June 30, the firm reported no sales revenue and a net loss of $9.8 million, or $.98 per share. At the end of June, it reported $2.2 million in cash.

Lucid is a wholly owned subsidiary of medical technology firm Pavmed, which owns approximately 72.6 percent of Lucid's common stock.

Source: Esophageal Cancer Testing Firm Lucid Diagnostics Files For IPO