(Yicai Global) May 23 -- Burning Rock Biotech, a Chinese firm that focuses on precision oncology and early cancer detection, yesterday filed for an initial public offering (IPO) on the US stock market.
The company plans to list on the Nasdaq under the symbol "BNR," with an expectation to raise up to USD100 million, according to its prospectus filed with the US Securities and Exchange Commission.
Morgan Stanley, BofA Securities and Cowen are the joint bookrunners on the deal.
Founded in 2014, the company provides next generation sequencing-based (NGS-based) cancer therapy selection tests that are used to assist physicians in selecting the most effective therapy for cancer patients.
It currently offers 13 NGS-based cancer therapy selection tests applicable to a broad range of cancer types, including lung, gastrointestinal, prostate and breast, among others.
China's NGS-based cancer therapy selection market is expected to grow from USD300 million in 2019 to USD4.5 billion in 2030, the company said in its prospectus, citing data from independent management consulting firm China Insights Consultancy.
Editor: Xia Ruirui