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Companion Diagnostic Specialist AltheaDx Withdraws IPO

Xconomy San Diego — 

San Diego’s AltheaDx, which offers a series of molecular diagnostic tests that enable doctors to identify the optimal drugs for treating patients, yesterday withdrew its plans for an initial public offering, according to a regulatory filing.

The company first revealed its plans for an IPO a few days before Christmas. In its withdrawal notice, AltheaDx said the IPO would have amounted to discretionary financing, and “terms currently obtainable in the public marketplace are not sufficiently attractive” to proceed with the offering.

AltheaDx is an example of the emerging field of “precision medicine,” which enables healthcare providers to treat patients by correlating treatment regimens with each patient’s genetic makeup. The company introduced its IDgenetix tests in late 2013, and currently offers 13 tests in cardiovascular disease, neuropsychiatric disorders, and pain. The company performed tests on more than 13,500 patient samples through the first nine months of 2014, generating about $13.6 million in revenue.

In an amended filing in January, AltheaDx planned to offer slightly more than 4.6 million shares priced between $12 and $14 a share, which would raise about $60 million in gross proceeds at the midpoint of the range.

The company said it might pursue a private offering. Telegraph Hill Partners currently holds a nearly 44 percent ownership stake in the company, and Alma Life Sciences has about 24.5 percent.