Australian medical genetics company GenEmbryomics will bypass the ASX and go straight to the Nasdaq as it looks to grow its global footprint.
The company, known for its significant intellectual property in the field of IVF, recently appointed an independent director based in the United States to its board.
GenEmbryomics is targeting a piece of the US$9 billion ($13.6 billion) American IVF market.
"We are thrilled to welcome Tess Burleson to our Board of Directors at this pivotal time," GenEmbryomics chairman Paul Viney said
"Her appointment is a testament to our commitment to strengthening our board with directors who bring a wealth of experience and expertise in healthcare, biotechnology and strategic business development.
"We are confident that Tess’s contributions will be invaluable as we continue to advance our mission and prepare for our next phase of growth."
Nick Murphy, PhD, founder and CEO of GenEmbryomics, further underscored the significance of Burleson's inclusion, noting, "The inclusion of Tess to our board is a significant milestone for GenEmbryomics.
"Tess’s extensive background in the commercialisation of medical research and her proven track record in strategic business ventures make her an exceptional asset to our team. Tess will play a critical role in guiding our strategic direction as we move towards a US national exchange listing."
In 2019, Murphy introduced a groundbreaking test in vitro fertilization (IVF) that screens embryos for more than 2,500 genetic disorders, including those that are life-threatening or lead to severe disabilities.
He told The Financial Review recently, “The IVF process is an expensive one, but having a genetic test which ensures that your future child is free of the burden of genetic disease is an investment in your own family’s future.”
More than 20 years in healthcare
Tess Burleson has a career spanning more than 20 years in the healthcare, pharmaceutical and biomedical research and development sectors and is renowned for her role in the commercialisation of intellectual property and leading numerous successful business ventures.
Her professional journey began at KPMG, progressing to pivotal positions in the healthcare industry, including President of a clinical research company and CFO of a health system and medical R&D organisations.
Burleson's appointment is expected to significantly bolster GenEmbryomics' position in the industry, propelling its strategic plans forward and enhancing governance structures in anticipation of its listing on a US national exchange.
Nasdaq listing
GenEmbryomics is in the final preparation stages for its Nasdaq listing under the ticker XGEN. The company is backed by VC fund Artesian and Dr Santiago Munne, a genetic specialist with a VC fund Homu Health Ventures among others.
It notified ASIC of its intention to become a public company and last year retained WallachBeth Capital as its financial advisor and investment banker to pursue a listing on a US stock exchange.
“We are thrilled to work with WallachBeth as we take this exciting next step,” Viney said at the time. “Their expertise will be invaluable as we drive our mission to transform reproductive genetic testing worldwide.”
Founded in 2016, GenEmbryomics leverages proprietary technology to deliver the world’s first comprehensive whole genome sequencing tests for IVF embryos. This provides unmatched detection of over 4,500 genetic diseases, enabling optimal embryo selection for higher IVF success rates.
“Our revolutionary testing empowers families struggling with infertility to reduce the risk of passing genetic disorders to future children,” said Murphy.
“Listing on a US exchange will accelerate growth and access for our life-changing innovations in the fertility field.”
GenEmbryomics’ partnership with WallachBeth advances its goals of expanding globally and cementing its position as the leader in pre-pregnancy genetic screening.
The AFR reports the company is targeting market capitalisation north of US$30 million ($45 million).