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Cancer test developer Accustem seeks Nasdaq uplisting, $10M offering (OTCMKTS:ACUT)

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Oncology diagnostics developer Accustem Sciences (OTCQB:ACUT) has filed to uplist its shares to Nasdaq and raise a proposed $10M through a public offering.

Accustem didn’t specify in its filing the number and price of the shares it plans to offer, but indicated in an attached filing fee schedule that it was looking to raise around $10M.

Shares of the diagnostics company are currently traded OTC under the symbol ACUT. The company hopes to list them on Nasdaq under the same symbol.

The company added that it may conduct a reverse stock split ahead of the deal. Think Equity is serving as lead bookrunner.

Based in New York, Accustem’s lead product, StemPrint ER, is used to predict the risk of distant recurrence in ER+ HER2- breast cancer patients. The company said that it plans to launch the product after it establishes a commercial lab and obtains US regulatory clearance for the test, a process that it expects will take at least 18 months.

With no products yet on the market, Accustem has been operating in the red. For the nine-month period ended Sept. 30, Accustem reported a net loss of $2.8M with no revenue.

In September, Accustem announced that it had received a US patent for its StemPrint ER test.

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