Fulgent Genetics (FLGT) IPO Opens Modestly Higher

September 29, 2016 10:57 AM EDT
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Today's IPO for Fulgent Genetics (Nasdaq: FLGT) opened for trading at $9.21 after pricing its initial public offering of 4,200,000 shares of its common stock at a public offering price of $9.00 per share, the low end of the expected range.

Credit Suisse Securities (USA) LLC and Piper Jaffray & Co. are serving as joint book-running managers for the offering. Raymond James & Associates, Inc. is serving as lead manager and BTIG, LLC is serving as co-manager.

Fulgent Genetics is a rapidly growing technology company with an initial focus on offering comprehensive genetic testing to provide physicians with clinically actionable diagnostic information they can use to improve the overall quality of patient care. The company developed a proprietary technology platform that integrates sophisticated data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory processes. This platform allows us to offer a broad and flexible test menu while maintaining accessible pricing, high accuracy and competitive turnaround times. Fulgent Genetics believes its current test menu offers more genes for testing thancompetitors in today’s market, which enables them to provide expansive options for test customization and clinically actionable results. Fulgent Genetics' current test menu includes more than 18,000 single-gene tests and more than 200 pre-established, multi-gene, disease-specific panels that collectively test for more than 7,500 genetic conditions, including various cancers, cardiovascular diseases and neurological disorders.

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