AI precision oncology platform Caris Life Sciences raised $494 million, soaring 33% on its first day of trading on the US stock market
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Medical technology company Caris Life Sciences went public on Nasdaq on Wednesday Eastern Time, raising $494 million, with a first-day closing increase of 33% to $28. The company issued 23.5 million shares at $21 per share, with a market capitalization of $7.9 billion. The funds will be used to repay approximately $400 million in debt, and the company expects to achieve profitability this year. Caris was founded in 2008 and focuses on using artificial intelligence to analyze tumor data, with products including the tissue molecular analysis solution MI Profile and the upcoming blood molecular testing solution Caris Assure
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