BG Medicine – Biotech IPOs of 2011

Posted under BG Medicine, Biotech IPO, Blog, Companies, Diagnostics, Funding, Medical Devices, Medical Supply, Pharmaceuticals, Startups, Universities, Videos by Maureen Martino

Company: BG Medicine ($BGMD)
Based: Waltham, MA
Raised: $40.25M (5.75M shares at $7)
Target range: $13 to $15
Current price: $5.25

BG Medicine is a diagnostics company developing tests to help healthcare providers detect diseases and make treatment decisions based on their findings. Its lead product is the BGM Galectin-3 test, which measures galectin-3 levels in heart failure patients. 

BG walked away from its first attempt to go public in 2008. Although it had to halve its target range to get the deal done in February, then-CEO Pieter Muntendam told Xconomy that BG raised enough funding to see the company through 2012. In that time, BG hopes to use $15 million of its IPO haul to market its heart failure diagnostic test. Additional cash will be funneled toward two other programs: AMIPredict for the near-term detection of heart attack and stroke risk and LipidDx, which is intended to help patients with lipid disorders better manage their disease.