NEW YORK, May 22 (Xinhua) -- Burning Rock Biotech, a Chinese firm that focuses on precision oncology and early cancer detection, on Friday filed for an initial public offering (IPO) on the U.S. stock market.
The company plans to list on the Nasdaq under the symbol "BNR," with an expectation to raise up to 100 million U.S. dollars, according to its prospectus filed with the U.S. 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 0.3 billion U.S. dollars in 2019 to 4.5 billion dollars in 2030, the company said in its prospectus, citing data from independent management consulting firm China Insights Consultancy.
As of Thursday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,469.74, marking a 7.32-percent increase for the month-to-date returns and a 9.55-percent gain for the year-to-date returns.