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Clinical research organization Hesperos (HESP) has filed to hold a proposed $21M initial public offering to help fund development of its animal-free research testing product.
Hesperos did not specify in its filing the number or price of the shares to be offered. However, its filing fee schedule indicated that it was seeking to raise around $21M from the deal.
The company hopes to list its shares on Nasdaq under the symbol HESP. Think Equity is serving as lead bookrunner.
The CRO has developed a device called “Human-on-a-Chip” that allows researchers to see how the human body would react to drug candidates or certain chemicals without the use of laboratory animals.
Hesperos’s customers include L’Oreal, Sanofi, AstraZeneca and Roche. The company also sees the device being used for personalized medicine.
The company is currently operating in the red. For 2021, it reported a net loss of $484K on revenue of $5.2M.
For more a more in-depth look at Hesperos, check out SA contributor Donovan Jones’s “Hesperos Seeks $21M for Animal-Free Toxicology Testing System”.
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Image and article originally from seekingalpha.com. Read the original article here.