The University of Utah spinout is looking to float on the Nasdaq Global Select Market and has filed with a $100m placeholder amount.
Recursion Pharmaceuticals, a US-based drug discovery technology spinout of University of Utah, has filed to raise $100m in an initial public offering that would allow pharmaceutical and chemicals group Bayer to exit.
Founded in 2013, Recursion uses machine learning technology to research and develop drug treatments for health conditions such as cancer, neurological diseases and inherited disorders. It also claims to have built the largest biological image dataset for drug discovery research in the world.
The company will use the proceeds from the offering to finance research and development activities for four clinical-stage drug candidates, in addition to six preclinical candidates.
Recursion secured $15.1m in a series A round backed by Felicis Ventures, Lux Capital, Obvious Ventures, Epic Ventures, AME Cloud Ventures, Data Collective (DCVC), Wild Basin Investments and undisclosed angel investors in 2016.
All the series A investors except Wild Basin participated in Recursion’s…
