On June 12, 2020 Burning Rock Biotech of Guangzhou, a company that offers precision medicines cancer testing, reported that it completed a $223 million IPO on the NASDAQ (Press release, Burning Rock Biotech, JUN 12, 2020, View Source [SID1234561077]). The company placed 13.5 million ADSs at a price of $16.50 each. The ADSs opened 50% higher, giving Burning Rock a market capitalization of $2.5 billion. In addition to its precision medicine business, the company is developing tests for early cancer detection based on next-gen sequencing. It raised an additional $25 million in a private placement at the offering price.

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