SOPHiA GENETICS' IPO takes shape

Five Swiss companies have already ventured into Nasdaq this year, and now Sophia GENETICS is joining them. The company, whose platform is capable of analyzing data and generating insights from complex multimodal data sets and different diagnostic modalities, plans to list this Friday. It will issue 13 million new shares at a price between $17 and $19. In addition, the company granted the underwriters an option for a period of 30 days to purchase up to 1,950,000 additional ordinary shares.

Assuming a share price of $18, the net proceeds will amount to approximately $208.1 million, or approximately $240.4 million if the underwriters exercise their option to purchase additional ordinary shares in full. At a share price of $18 million, the company will be valued at $1.1 billion.

$20 million private placement

On July 17, 2021, SOPHiA  entered into a share purchase agreement with Instrumentarium Holdings, Inc., an affiliate of GE Healthcare. Instrumentarium will acquire $20.0 million of SOPHiA’s ordinary shares in a private placement concurrent with and contingent upon the completion of the IPO, with a price per share to be equal to the initial public offering price.

In 2020, SOPHiA's turnover was $28.4 million. In the first quarter of 2021, a turnover of $9 million has been achieved. This represents an increase of around 20% compared to the same quarter of the previous year. The loss in Q1 2021 was $12.7 million. 

SOPHiA GENETICS has built built a cloud-based software-as-a-service (“SaaS”) platform capable of analyzing data and generating insights from complex multimodal data sets and different diagnostic modalities. In 2014, the first application of the platform to analyze NGS data for cancer diagnosis had been launched. As of June 30, 2021, the platform was used for approximately 330 applications used by healthcare providers, clinical and life sciences research laboratories and biopharmaceutical companies for precision medicine across oncology, rare diseases, infectious diseases, cardiology, neurology, metabolism and other disease areas.

The customers generally perform testing on their own samples, retain custody of both their sample and data, and use the SOPHiA platform to analyze the pseudonymized data and share insights with each other. The platform is designed to continually improve as SOPHiA analyzes more data over time, leveraging AI and then sharing the benefits of this growing collective intelligence with its customers.

(SK)