Advanced Biomed (ADVB.US) cuts IPO size by 92% to raise $9M

Advanced Biomed (ADVB.US), a biotechnology company in Taiwan, has reduced the size of its proposed IPO and changed its sole bookrunner. The company originally planned to issue 25 million shares at a price range of $4 to $5, but now plans to issue 1.9 million shares at a price range of $4 to $6, raising $9 million, a 92% reduction from its previous expectations.

Advanced Biomed operates through its subsidiaries in Taiwan and Hong Kong, focusing on developing microfluidic technology platforms and a series of medical diagnostic devices for early screening, detection, diagnosis, staging, and treatment of cancer.

The company has developed four devices and three corresponding microfluidic biochips, aimed at providing fast and affordable testing products and services for cancer patients. In addition, Advanced Biomed has completed the development of four corresponding immunostaining kits and developed a product for early screening of lung cancer. However, the company has not yet started selling products or generated any revenue.

Advanced Biomed was founded in 2014 and plans to list on the Nasdaq under the ticker symbol ADVB. In the latest filing, the company replaced Univest Securities with Craft Capital Management as its sole bookrunner.