Latest news with #DavidDeanHalbert
Forbes
a day ago
- Business
- Forbes
Founder Of Biotech Firm Caris Life Sciences Becomes A Billionaire After IPO
Caris Life Sciences founder David Dean Halbert The successful IPO of Caris Life Sciences makes its founder David Dean Halbert worth an estimated $3.3 billion. David Dean Halbert acquired an early-stage life sciences company called Molecular Profiling Institute in 2008 to develop a blood-based platform for early disease detection. Today, that firm, greatly expanded and renamed Caris Life Sciences, went public on Nasdaq, raising about $494 million. At 3:45 pm ET, the company had a market valuation of $7.4 billion, making Halbert worth at least $3.3 billion by Forbes calculations. He owns nearly 44% of the company. Caris Life Sciences, a cancer diagnostics company based in Irving, Texas, uses gene sequencing, AI and machine learning to detect and monitor disease. The company had revenue of $412 million last year and posted a net loss of $282 million. Halbert, who is 66 and has a bachelor's degree in business administration from Abilene Christian University, has a long history in healthcare investing and startups. Back in 1987, he founded a pharmacy benefit manager called AdvancePCS that he sold to CareMark for $7.5 billion in 2004. He subsequently started an investment firm, called Caris Capital, where he bought and sold $1.2 billion worth of assets. But even based on that background, Caris Life Sciences was a big deal. In May 2021, it raised $830 million in growth capital led by Sixth Street – one of the largest capital raises in precision medicine – at a valuation of $7.8 billion. While today's IPO represents a slightly lower valuation for the company, it is also one of the largest life sciences companies to go public in a tough market this year. Shares of Caris were priced at $21 before the offering, opened at $27 and were trading at $26.50 a share as of 3:45 pm ET. Halbert was not immediately available for comment. MORE FROM FORBES
Fast Company
a day ago
- Business
- Fast Company
Caris Life Sciences IPO: All eyes on the stock price today as the AI cancer care firm makes its Nasdaq debut
On Wednesday morning, the cancer diagnostics biotech firm Caris Life Sciences rang Nasdaq's opening bell in New York, marking the company's awaited initial public offering. The diagnostics company's IPO follows the successful debut of fintech companies like Chime Financial and Circle Internet Group, and will test whether investors are ready to embrace biotech companies despite declines in the sector for the last six months. Here's what to know about the listing. What is Caris Life Sciences? Founded in 2008 by David Dean Halbert, the healthcare company utilizes next-generation artificial intelligence (AI) and machine learning for precision medicine. Through molecular analysis, Caris specializes in cancer diagnosis and treatment. According to a recent filing to the Securities and Exchange Commission (SEC), the Irving, Texas-based company currently has over 1,700 employees and over 100 biopharmaceutical partners. The company incurred net losses of $281.9 million and $341.4 million in 2024 and 2023, respectively, on revenue of $412.3 million and $306.1 million. It is expecting additional losses in the future. When is Caris Life Sciences's IPO? Caris Life Sciences shares are expected to begin trading on Wednesday, June 18, with the offering expected to run through June 20. What is Caris Life Sciences's stock ticker? Caris Life Sciences will trade its stock under the ticker CAI. What is the IPO price for CAI? CAI shares were priced at $21, above their previously planned range. The IPO price was planned between the $19 and $20 range, up from the previous $16 and $18 planned price. The current pricing would value Caris Life Sciences at around $5.9 billion. What exchange will the stock trade in? CAI will trade its shared on the Nasdaq Global Select Market.
CNBC
a day ago
- Business
- CNBC
Caris Life Sciences CEO on IPO debut, using AI to fight against cancer
David Dean Halbert, Caris Life Sciences chairman, founder and CEO, joins 'Squawk Box' to discuss the company's IPO debut, how the company uses AI technology to help diagnose and treat cancer,
Yahoo
10-06-2025
- Business
- Yahoo
Caris Life Sciences files for $424M IPO
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Precision medicine company Caris Life Sciences said Monday it expects to raise as much as $423.5 million in an initial public offering. The Irving, Texas-based company plans to list its common stock on the Nasdaq market under the symbol 'CAI,' offering 23.5 million shares at $16 to $18 each. Primarily focused on cancer, Caris' molecular profiling tools use artificial intelligence and machine learning algorithms to analyze disease for early detection, diagnosis, monitoring, therapy selection and drug development. Caris saw year-over-year revenue growth of about 50%, to $120.9 million, in the first quarter of 2025, driven primarily by its molecular profiling services, according to a securities filing. The company received Food and Drug Administration approval for its companion diagnostic test MI Cancer Seek in November. The test identifies cancer patients who may benefit from targeted treatments. Founded in 2008, Caris has identified about 915,000 unique pathogenic mutations to date, of which only about 17,000 were previously known, the company said in its filing. 'We can now identify a person's circulating pathogenic mutations and enable the design of a customized individualized therapy to that specific set of mutations,' David Dean Halbert, Caris founder and CEO, said in the filing. 'We believe this is going to create the opportunity for physicians to use our solutions to effectively prevent various chronic diseases before they ever get started at the earliest of stages.' In April, when the company closed a private funding round worth $168 million, it said it had raised a total of $1.86 billion in capital since 2018. Caris is among a handful of companies exploring a public offering in a medtech IPO market that's showing signs of emerging from a slump. Medical products supplier Medline has said it could go public, and Medtronic plans to separate its diabetes business into a standalone company, potentially through an IPO. Recommended Reading The medtech IPO window is finally open. Or is it? Sign in to access your portfolio
