SINGAPORE (Nov 26): Biolidics, a cancer diagnostic solutions developer and an associate company of Clearbridge Health, on Friday lodged a preliminary prospectus for a planned initial public offering (IPO) on the Singapore Exchange's Catalist board.

Biolidics, incorporated as Clearbridge Biomedics in 2009, specialises in developing cell enrichment systems that can be combined with other analytical tests for cancer diagnosis, prognosis and treatment selection and monitoring.

Biolidics’ flagship product is the ClearCell FX1 System, a fully automated in vitro diagnostic medical device that separates and enriches cancer cells from blood to perform liquid biopsies.

So far, 80 such systems have been installed in research institutes, hospitals and laboratories in Singapore, China, Hong Kong, Japan and the US and some countries in Europe. Biolidics is also developing end-to-end diagnostics solutions to integrate its technology with other analytical tests.

Details of the pricing, amount to be raised, and timing of the IPO have not been announced. UOB is the sponsor, issue manager and placement agent for the IPO.

Proceeds from the listing will be used to develop clinical applications and services for the customer segment of Biolidics' products and for the expansion of its product pipeline through joint ventures, M&As and various means. The remaining proceeds will be used for general corporate and working capital purposes and for IPO expenses.

For FY17, Biolidics reported a net loss of $7.2 million on the back of $2.1 million in revenue.