NantHealth — which is the health IT, genomics and analytics division of Dr. Patrick Soon-Shiong’s NantWorks — has filed for a long-awaited initial public offering. The IPO was postponed for this year, according to MedCity News, until NantHealth completed its acquisition of payer-provider communications platform NaviNet.
The Culver City, California-based company is looking to raise as much as $92 million in the public offering. That amount is actually not that much considering that Allscripts Healthcare Solutions invested $200 million in NantHealth last year, and that NantHealth has been valued at $2 billion. At least 10 percent of the company is owned by the government of Kuwait.
NantHealth’s platform, called CLINICS (Comprehensive Learning Integrated NantHealth Intelligent Clinical System), is designed to address many of the key challenges healthcare constituents face. These would include acquiring and storing genomic and proteomic data, combining diagnostic inputs with phenotypic and cost data, analyzing datasets, securely delivering that data to providers in a clinical setting to aid selection of the appropriate treatments, monitoring patient biometric data and progression on a real-time basis, and demonstrating improved patient outcomes and costs.
It is, however, important to add that the company is still losing money, though its revenues rose 72 percent last year, going from $33.9 million in 2014 to $58.3 million in 2015.
NantHealth expects to launch its commercial genomics sequencing and molecular profiling product, called GPS Cancer (where GPS stands for Genomics Proteomics Spectromety), later this quarter.
Soon-Shiong won’t be running NantHealth, but will commit around 20 hours per week to the company. His main role remains Chairman and CEO of NantKwest, a publicly-traded, clinical-stage immunotherapy company. He will also devote some time to other companies operating under NantWorks, the filing said. We gotta wonder does he sleeps at all…