Developer of oncology diagnostics Accustem Sciences (OTCQB: ACUT) applied to transfer its shares to Nasdaq and raised a $10 million proposal through a public offering.
Shares of the diagnostics company are currently traded over-the-counter under the symbol ACUT. The company hopes to list them on Nasdaq under the same symbol.
The company added that it may proceed with a reverse stock split before the transaction. Think Equity acts as lead bookrunner.
Based in New York, Accustem’s lead product, StemPrint ER, is used to predict the risk of distant recurrence in patients with ER+ HER2- breast cancer. The company said it plans to launch the product after it establishes a commercial lab and obtains US regulatory approval for the test, a process it says will take at least 18 months.
With no products on the market yet, Accustem is operating in the red. For the nine-month period ended Sept. 30, Accustem reported a net loss of $2.8 million with no revenue.
In September, Accustem announced that it had received a US patent for its StemPrint ER test.