Sienna Cancer Diagnostics Ltd

FNN Video interview with CEO, Matthew Hoskin of Sienna Cancer Diagnostics (5:06 minutes)

Fixed Priced IPOType of Offer
09 Jun 17Offer Open
18 Jul 17Pay By
$4-6 millionSize of Offer
$2,000Minimum Bid
Sequoia CorporateLead Manager


The Company has advised they have firm commitments in excess of the $4 million minimum raise, therefore the offer will close on or before Monday, 17 July 2017.

Sienna Cancer Diagnostics Limited (ASX: SDX) is an Australian company that has developed, and commercialised, a new technology with application in the early detection of cancer.

Sienna has launched an in vitro diagnostic (“IVD”) test to detect human TElomerase Reverse Transcriptase (“hTERT”), recognized as an important cancer-related biomarker. The first application of the test is as an adjunct to urine cytology to assist in the diagnosis of bladder cancer. 

Regulatory approvals

Sienna has registered its IVD test for human clinical use with the relevant authorities in the USA, Europe  and Australia. The technology is currently in routine use in commercial laboratories in the USA, generating revenues of $292k for the six months to December 2017.

Distribution channels

Supply and distribution agreements have been executed with partners in the USA, the UK and Switzerland, with additional partnerships being developed in a number of other countries. StatLab, a pathology supply company that has significant presence in the US market, has been appointed as the distribution partner for the USA.

Market opportunity

Sienna will be targeting a market segment of urine cytology, including bladder cancer detection. In the USA alone this market opportunity is estimated to be between 1.3 and 1.6 million tests per annum.  Sienna’s test is eligible for an average reimbursement of US$108.38 per test in the USA creating a total market value for laboratories in the USA of over US$140 million per year.  The rest of world outside the USA represents a significant additional market opportunity.

Future growth

The company believes future revenue growth may be achieved through:

  • increased market penetration in the USA.
  • geographical expansion into additional countries across Europe, Asia and the rest of the world.
  • expanding the clinical applications of the product into additional cancer types.
  • adding new biomarker products to the pipeline through in-license or acquisition.

Historical revenues

Sienna received first product revenues during the 2015 FY. Total revenue for the half-year to 31 December 2016 was $935,793, including $291,588 of product revenue and $637,523 received from the Australian Government’s R&D Tax Incentive program.

Offer overview

Sienna is looking to raise between $4 million and $6 million via its IPO and on listing, the expected market capitalisation at IPO will be $35.5 million to $37.5 million.


As set out in Section 14 of the Prospectus, Sienna Cancer Diagnostics Limited is subject to a range of risks, including but not limited to commercialisation and intellectual property risks, sufficiency of funding and the expenditure program.


Section 734(6) disclosure: The issuer of the securities is Sienna Cancer Diagnostics Limited ACN 099 803 460. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).‚Äč

OnMarket has a limited allocation. The offer close and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile or investor name may be cancelled.

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