Summary
- GBS has filed terms for its U.S. IPO.
- The company is seeking to refocus its development efforts to produce a Covid-19 point of care diagnostic testing system.
- GBS is thinly capitalized and faces intense competition, so I'll watch the IPO from the sidelines.
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Quick Take
GBS (GBS) has filed to raise $20 million in an IPO of its units of common stock and warrants, according to an S-1 registration statement.
The firm is developing point of care diagnostic tests for the SARS-CoV-2 virus.
GBS is a tiny firm that is thinly capitalized and seeks to play in markets where large and deep-pocketed companies with significant distribution capabilities are aiming their resources, so I'll watch the IPO from the sidelines.
Company & Technology
New York, New York-based GBS was founded to develop a saliva glucose biosensor and more recently switched its efforts to repurposing its technology for a point of care diagnostic testing system for the Covid-19 virus.
Management is headed by Chief Executive Officer Harry Simeonidis, who has been with the firm since 2017 and was previously General Manager of FarmaForce Limited, and ASX-listed company.
Below is a brief overview video of challenges for point of care Covid-19 testing:
